The spot rate broke the lower limit of its medium term bullish channel at 1.3290 leading to acceleration. A pull back at these levels is expected before a resumption of bearish sentiment and this will free a large potential. Technical indicators provides sell-signals but approaching the oversell zone supporting the assumptions of a pull back. Bollinger bands are much discarded as a result of the strong decline of these days. Stabilization is expected in the short term. According to previous events, the market indicates a bearish opportunity at the levels of 1.3290 with the 1st objective of 1.3220, then 1.3200. A break though 1.3310 will 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.