The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.5650 and seems to initiate a decline. However, a break through these levels will release good potential and will be able to reach the upper limit of this one to 1.5700.
Technical indicators provide sell-signals and 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 increase 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 1.5650 with the 1st objective at 1.5700 and then at 1.5720. A break through 1.5630will invalidate this scenario.
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