The spot rate is currently testing the intermediate support of its medium term bearish channel in 1.5760 suggesting a rebound. However a break of these levels would entail a decline to the lower limit of this one to 1.6530.
Technical indicators do not provide clears signals but until that the support is not broken the assumption of a rebound is most likely. Bollinger bands are much discarded to a result of the strong increase of these days. Stabilization is expected in the short term.
According to previous events, the market indicates a bullish opportunity on the levels of 1.5760 with a 1st objective of 1.5820, then 1.5850. A break in 1.5740 would invalidate this scenario.
Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
