The spot rate is presently testing the intermediate resistance of its medium term bullish channel in 1.5920 and is liklely to decline. However, a breakdown of these levels will enable to reach its upper limit in the point 1.6070.
Technical indicators do not provide clear signals but as the resistance remains unbroken, the assumption of a decline is relevant. Bollinger bands are much discarded as a result of the strong decline of these days. The situation is expected to stabilize in the nearest future.
