The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.5810 suggesting a rebound. However, a break of these levels will entail a decline to the lower limit of this one - to 1.5510.
Technical indicators provide sell-signals supporting the assumptions of a rebound. Bollinger bands are much discarded as a result of the strong increase of these days. Stabilization is expected in the short term.
According to previous events, the market will give a bearish opportunity as soon as the spot rate has broken through its support at 1.5810 with the 1st target at 1.5750, then at 1.5730. A break through 1.5830 will change this scenario.
