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The spot rate is presently testing the intermediate resistance of its medium term bearish channel at 1.6140 and is expected to decline. However, a break through these levels will release good potential enabling to reach its upper near 1.6190.
Technical indicators do not provide clear signals but as long as the resistance level is unbroken, the assumption of a decline is relevant. Bollinger bands are much discarded due to the strong recent decline. the situation is expected to stabilize in the nearest future.
According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.6140 with firts targets seen at 1.6190 and 1.6220. In case the level 1.6120 is passed though, the proposed scenario will be cancelled.
The material has been provided by Instaforex Company - instaforex.com
