The spot rate broke the intermediate support of its medium term bearish channel at 1.3390 leading to an acceleration. A pull back on these levels is expected before a resumption of bearish and a return to the lower limit of its channel.
Technical indicators provide sell-signals but are approching the oversell zone supporting the assumption of a pull back in the short term. Bollinger bands are much discarded to a result of the strong decline of these days. Stabilization is expected in the short term.
According to previous events, the market will indicate a bearish opportunity at the levels of 1.3390 with the 1st objective of 1.3320, then of 1.3290. A break through 1.3410 will invalidate this scenario.
