The spot rate broke the intermediate support of its medium term bearish channel at 99.60 leading to an acceleration. A pull back on these levels is expected before reach the lower limit of this one to 98.90.
Technical indicators do not provide clears signals but are approaching the oversell zone supporting the assumption of a pull back. 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 indicates a bearish opportunity at the levels of 99.60 with the 1st objective of 99.10, then 98.90. A break in 99.80 would invalidate this scenario.
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