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The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.2600 and seems to initiate a decline. However, a break through these levels will release good potential and will be able to reach the upper limit of this one to 107.10.
Technical indicators do not provide clears signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.2600 with the 1st objective at 1.2660 and then at 1.2680. A break through 1.2580 will invalidate this scenario.
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