The spot rate is approaching the upper limit of its medium term bearish channel at 1.5720 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators do not provide clears signals but until the resistance is not broken, the assumption of a decline 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 as soon as the spot rate has broken through its resistance of 1.5720 with the 1st objective at 1.5780 and then at 1.5800. A breakthrough 1.5700 will invalidate this scenario.
