Now the spot rate is testing the upper limit of its medium term bearish channel at 1.5680 and is probable to descend. Still a puncture of these levels will provide a potential and initiate a violent bullish trend.
Technical indicators give sell-signals and approaching overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.5680 with the 1st objective at 1.5740 and then at 1.5760. A break through 1.5660 will invalidate this scenario.
