The spot rate is moving in a medium-term trading range and approach to the intermediate resistance of this one in 109.80 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its trading range to 111.30.
Technical indicators provide buyers signals but until that the reistance is not broken the assumption of a decline 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 as soon as the spot rate will have broken its resistance in 109.80 with a 1st objective of 110.40, then 110.60. A break in 109.60 would invalidate this scenario.
