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EUR/USD Intraday Technical Analysis

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The spot rate is currently testing the intermediate support of its medium term bearish channel in 1.3080 indicating a possible rebound. However, a breakdown of these levels will entail a decline to its lower limit in the point 1.2980.
Technical indicators provide sellers signals but approaching to the oversell zone confirms the assumption of a rebound. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events, the market indicates a bullish opportunity at levels of 1.3080 with 1.3140 and 1.3160 seen as first objectives. In case the level 1.3060 has been passed through, the proposed scenario will be reversed.
The material has been provided by Instaforex Company - instaforex.com
 
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