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The spot rate is getting closer to the lower limit of its medium term bullish channel at 1.6190 making a rebound possible. However, a puncture of this level will release good potential and initiate a bearish channel.
Technical indicators give buy-signals supporting the assumption of a retracement soon. Bollinger bands have greatly tightened in recent days showing a slow down of the volatility and the imminence of a violent movement.
According to previous events the market will give a bullish opportunity at the level of 1.6190 with the 1st objective at 1.6250 and then at 1.6270. A break through 1.6170 will alter this scenario.
The material has been provided by Instaforex Company - instaforex.com
