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The spot rate is currently testing the lower limit of its medium term bullish channel in the point 1.3180 indicating a possible rebound. However, the breakdown of these levels will reveal a significant potential and entail a bearish channel.
Technical indicators do not provide clear signals but as long as support level remains unbroken, the rebound remains possible. Bollinger bands are much discarded due to the strong decline that took place these days. The ituation is expected to stabilize soon.
According to the previous events, the market indicates a bullish opportunity at levels 1.3180 with the 1st objectives seen at 1.3240 and 1.3260 levels. A breakdown of the1.3160 level will reverse this scenario.
