The spot rate is currently testing the intermediate support of its medium term bullish channel at 1.5820 suggesting a rebound. However a break through these levels will entail a return to the lower limit of this one - to 1.5710.
Technical indicators do not provide clear signals but until the support is not broken, the assumption of a rebound is most likely. Bollinger bands are much discarded as a result of a strong decline of these days. Stabilization is expected in the short term.
According to previous events, the market indicates a bullish opportunity at the levels of 1.5820 with the 1st objective of 1.5880 and further of 1.5900. A break of 1.5800 will change the plan.
The material has been provided by Instaforex Company - instaforex.com
