The spot rate is currently testing the lower limit of its medium term bullish channel at 99.40 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide buy-signals and approching oversell zone supporting the assumption of a rebound. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity at the level of 99.40 with the 1st objective at 100.00 and then at 100.20. A break through 99.20 will alter this scenario.
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