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The spot rate has broken the intermediate resistance of its medium term bullish channel in 1.3160 resulting in acceleration. A pull back on these levels is expected before the spot rate will has reached reach the upper limit of the channel in the point 1.3530.
Technical indicators provide buyers signals confirming a possible pull back in the short term. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events, the market indicates a bullish opportunity at level 1.3160 with 1.3220 and 1.3240 seen as first objectives. A breakdown in 1.3140 will reverse this scenario.
