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The spot rate is currently testing the intermediate support of its medium term bullish channel at 1.3120 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1.3060.
Technical indicators do not provide clear signals but are approaching the 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 1.3120 with the 1st objective at 1.3180 and then at 1.3200. A break through 1.3100 will alter this scenario.
The material has been provided by Instaforex Company - instaforex.com
