The spot rate broke the upper limit of its medium term bearish channel at 99.80 leading to an acceleration. A pull back on these levels is expected before a resumption of bullish.
Technical indicators provide sell-signals and approching overbuy zone supporting the assumption of a pull back. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity at the level of 99.80 with the 1st objective at 100.40 and then at 100.60. A break through 99.60 will alter this scenario.
