The spot rate has broken the intermediate support of its medium term bearish channel in 1.3090 resulting in acceleration. A pull back on these levels is expected before that the reaching of the lower limit of its channel in the point 1.2910.
Technical indicators do not provide clear signals but evolvement in the oversell zone confirms the assumption of a rebound. Bollinger bands are much discarded due to the strong increase of these days. The situation is expected to stabilize soon.
Proceeding from the previous situation, the market indicates a bearish opportunity at levels 1.3090 with 1st objectives seen at 1.3030 and 1.3010 levels. A breakdown in 1.3110 will reverse this scenario.
