The spot rate is presently testing the upper limit of the medium term bearish channel in the point 107.90 and is likely to decline. However, a breakdown of these levels will reveal significant potential initiating a bullish trend.
Technical indicators provide signals for BUY-deals confirming the possible rebound. Bollinger bands are much discarded due to the strong decline that took place these days. The situation is expected to stabilize in the nearest future.
According to the previous events, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance level 107.90 with the 1st objectives 108.50 and 108.70. If the level 107.70 is broken down will reverse this scenario.
