The price is currently testing the intermediate support of its medium term bearish channel at 1.5630 suggesting a rebound. However, a break of these levels will entail a decline to the lower limit of this one to 1.5550.
Technical indicators provide sell-signals supporting the assumption of a decline in the short term. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events, the market indicates a bullish opportunity at the levels of 1.5630 with the 1st objective of 1.5680, then 1.5700. A puncture of 1.5610 will change this plan.
