The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.5530 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit of1.5370.
Technical indicators do not provide clears signals, but until the support is not broken, the assumption of a rebound is most likely. 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 will provide a bullish opportunity at the level of 1.5530 with the 1st objective at 1.5590 and then at 1.5610. A break through 1.5510 will alter this scenario.
