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The spot rate is currently testing the upper limit of its medium term bearish channel in the point 108.50 and is likely to decline. However, a breakdown of these levels will reveal significant potential and result in the beginning of the bullish trend.
Technical indicators provide signals for Sell-deals, confirming the assumptions of possible decline. For the last days Bollinger bands have significantly tightened showing a decline in volatility and the imminence of a violent movement.
Proceeding from the previous situation, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance level 108.50 with the 1st objectives seen at the 109.10 and 109.30 levels. in case the level 108.30 is broken down, the prospect scenario will be reversed.
