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The spot rate has broken the intermediate resistance of its medium term bullish channel in 1.5940 resulting in acceleration. A pull back on these levels is expected before the spot rate will have reached the upper limit of its channel in the point 1.6080.
Technical indicators provide signals for Buy-deals confirming a possible pull back in the nearest future. 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 level1.5940 with a 1st objective seen at 1.6010 and 1.6030. A breakdown in 1.5920 will reverse this scenario.
