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The spot rate is currently testing the intermediate resistance of its medium term bearish channel in 1.5760 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1.5860.
Technical indicators give sellers signals suggesting a decline in the short term. Bollinger bands are much discarded to a result of the strong increase of these days. Stabilization is expected in the short term.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.5760 with a 1st objective of 1.5820, then 1.5860. A break in 1.5740 would invalidate this scenario.
