The spot rate is currently testing the lower limit of its medium term bearish channel at 1.2360 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a more violent bearish trend.
Technical indicators provide buy-signals and approaching to oversell zone supporting the assumption of a rebound. 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 at the level of 1.2360 with the 1st objective at 1.2420 and then at 1.2440. A break through 1.2340 will alter this scenario.
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