The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.3030 suggesting a rebound. However, a break of these levels will cause a decline to the lower limit of this one to 1.2940.
Technical indicators do not provide clear signals, but until support is not broken, the assumption of a rebound is most likely. Bollinger bands are much discarded to a result of the strong decline of these days. Stabilization is expected in the short term.
According to previous events, the market indicates a bullish opportunity at the levels of 1.3030 with the 1st objective of 1.3090, then of 1.3120. A break through 1.3010 will invalidate this scenario.
