The spot rate is presently testing the lower limit of its medium term bearish channel at 1.5340 and is likely to initiate a rebound. However, a breakdown of these levels will reveal significant potential and initiate a more violent bearish trend.
Technical indicators provide buyers signals and evolving in oversell zone supporting the assumption of a rebound. Bollinger bands are much discarded as a result of a strong recent decline. The situation is likely to stabilize soon.
According to previous events the market will provide a bullish opportunity at the level of 1.5340 with 1st objectives seen at 1.5400 and 1.5420. A breakdown of 1.5320 will cancel this scenario.
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