The spot rate is currently testing the lower limit of its medium term bearish channel at 1.2520 and seems to initiate a rebound. However, a break through these levels will release good potential and initiate a more violent bearish trend.
Technical indicators provide buy-signals and approaching 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 1.2520 with the 1st objective at 1.2580 and then at 1.2600. A break through 1.2500 will alter 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.
Analytical expert: Albert Fitoussi
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