The spot rate is currently testing the lower limit of its medium term bullish channel at 1.5570 and seems to initiate a rebound. However, a break through these levels will release good potential and initiate a violent bearish trend.

Technical indicators provide buy-signals and approaching the 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 1.5570 with the 1st objective at 1.5630 and then at 1.5650. A break through 1.5550 will alter this scenario.

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Performed by Analytical expert: Albert Fitoussi
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