The spot rate is currently testing the upper limit of its medium term bullish channel in 1.6050 and is likely to initiate a decline. However, a breakdown of these levels will reveal significant potential initiating more violent bullish trend .
Technical indicators provide signals for Buy-deals but as the resistance level remains unbroken, the assumption of a decline is relevant. Bollinger bands are much discarded due to the strong increase that took place these days. The situation is expected to stabilize soon.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will has broken its resistance in 1.6050 with 1st objectives 1.6110 and 1.6130. A breakdowm in 1.6030 will cancell this scenario.
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