The spot rate has broken the intermediate resistance of its medium term bearish channel in 1.3130 resulting in acceleration. A pull back on these levels is expected before the resumption of a bullish movement and reaching the upper limit of its channel in the point 1.3220.
Technical indicators provide signals for Sell-deals confirming the assumption of a pull back that is expected to take place in the nearest future. Bollinger bands have greatly tightened recently showing a volatility decline and the imminence of a violent movement.
According to the previous events, the market indicates a bullish opportunity at levels 1.3130 with a 1st objective seen at 1.3190 and 1.3220 level. A breakdown in the point 1.3110 will reverse this scenario.
