The spot rate is moving in a medium-term trading range approaching its upper limit in the point 1.5740. This fact indicates a possible decline. However, the breakdown of these levels will start a bullish trend.
Technical indicators do not provide clear signals but the fact that they are approaching the overbuy zone points at probable decline.
According to the previous events, the market will indicate a bullish opportunity as soon as the spot rate has broken its resistance at 1.5740 with its 1st objective at level 1.5790 and then at 1.5820. If the level 1.5720 is passed through the supposed scenario will be reversed.
