The spot rate has broken the intermediate support of its medium term bearish channel at 104.10 resulting in acceleration. A pull back on these levels is expected before the lower limit of its channel in 101.80 has been reached.
Technical indicators provide buy-signals and evolving in the oversell zone supports the assumption of a pull back. Bollinger bands are much discarded due to the strong decline that took place these days. The situation will be stabilized soon.
According to previous events, the market indicates a bearish opportunity at levels of 104.10 with 103.50 and 103.30 considered as first objectives. A breakdown in the point 104.30 will invalidate this scenario.
The material has been provided by Instaforex Company - instaforex.com
