The spot rate has broken the intermediate support of its medium term bearish channel at 1.5550 leading to acceleration. A pull back to these levels is expected before reaching the lower limit of its channel to 1.5370.
Technical indicators are providing sell signals and approaching the 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 short term.
According to the previous events, the market will provide a bearish opportunity at the level of 1.5550 with the 1st objective at 1.5490 and then at 1.5470. A break through 1.5570 will alter this scenario.
