The spot rate is currently testing the intermediate support of its medium term bearish channel at 96.10 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 95.60.
Technical indicators provide buy-signals and until the support is not broken the assumption of a rebound is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity at the level of 96.10 with the 1st objective at 96.70 and then at 96.90. A break through 95.90 will alter this scenario.
