The spot rate is currently testing the lower limit of its medium term bullish channel in 1.3030 indicating a possible rebound. However, breakdown of these levels will reveal significant potential and entail a bearish channel.
Technical indicators provide signals for Buy-deals; approaching the oversell zone confirms the possibility of a rebound. Bollinger bands are much discarded due to the strong decline of these days. The situation is expected to stabilize soon.
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.
