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The spot rate is currently testing the intermediate resistance of its medium term bullish channel in 1.3280 indicating a possible decline. However, a breakdown of these levels will enable the reaching of the upper limit of its channel in the point 1.3350.
Technical indicators provide signals for BUY-deals but approaching to the overbuy zone confirms the prospect decline. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
Proceeding from the previous events, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance in 1.3280 with 1st objectives seen at the 1.3330 and 1.3350 levels. If the level 1.3260 is broken, the prospect scenario will be invalidated.
