The spot rate broke the lower limit of its medium term bullish channel in 0.8330 leading to an acceleration. A pull back on these levels is expected before a resumption of bearish mood enabling the spot rate to initiate a new trend.
Technical indicators provide signals for Buy-deals and approaching the oversell zone confirms a possible pull back. Bollinger bands are much discarded due to the strong decline of these days.The situation is expected to stabilize in the nearest future.
According to previous events, the market indicates a bearish opportunity on the levels of 0.8330 with 0.8270 and 0.8250 as targets. A breakdown in 0.8350 will reverse this scenario.
