The spot rate is currently testing the intermediate support of its medium term bullish channel in the point 1.5780 indicating a possible rebound. However, in case these levels are passed through, the rate is expected to return to the lower limit located in the point 1.5710.
Technical indicators don not provide clear signals but their location close to the oversell zone indicates a rebound. Bollinger bands are considerably discarded resulting from the strong decline that took place these days. The situation is likely to stabilize soon.
Proceeding from the previous situation, the market will show bullish opportunity at 1.5780 level with the 1st targets seen at 1.5840 and 1.5860 levels. If the1.5760 is broken down, the prospect scenario will be changed.
