The spot rate has broken the intermediate support of its medium term bearish channel at 95.10 leading to acceleration. A pull back to these levels is expected before reaching the lower limit of its channel to 94.10.
Technical indicators provide buy-signals and evolve in oversell zone supporting the assumption of a pull back. 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 bearish opportunity at the level of 95.10 with the 1st objective at 94.50 and then at 94.30. A break through 95.30 will alter this scenario.
