The spot rate has broken the intermediate resistance of its medium term bearish channel at 1.5430 resulting in acceleration. A pull back on these levels is expected before the upper limit of its channel in 1.5580 is reached.
Technical indicators provide sellers signals supporting the assumption of a pull back. Bollinger bands are much discarded due to the strong increase that took place these days. The situation is expected to stabilize in the nearest future.
According to previous events the market will provide a bullish opportunity at the level of 1.5430 with the 1st objectives seen at 1.5490 and 1.5520. A breakdown of 1.5410 will reverse this scenario.
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