At the moment the spot rate is approching the lower limit of its medium term bearish channel in 105.20 indicating a possible rebound. However, a breakdown of these levels will reveal large potential entailing a bearish channel more violent.
Technical indicators do not provide clear signals but as the support is unbroken, the rebound is most likely to take place. Bollinger bands are much discarded due to the strong decline of these days. The situation is expected to stabilize in the nearest future.
