The spot rate is currently testing the intermediate resistance of its medium-term bearish channel at 1.5310 suggesting a decline. However, a break of these levels will allow it to reach the upper limit of its channel at 1.5390.
Technical indicators provide buy signals and, until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
The spot rate is currently testing the intermediate resistance of its channel, so we recommend 2 scenarios: the first one is the hypothesis of a decline, then we recommend a sell on the level of 1.5310 with the 1st objective at 1.5250 and then at 1.5230. A break through 1.5330 will invalidate this scenario. The second scenario is a break of its resistance, then we recommend a buy stop, which means to buy the spot rate as soon as it breaks through its resistance of 1.5310 with the 1st objective at 1.5370 and then at 1.5390. A break through 1.5290 will invalidate this scenario.
The material has been provided by InstaForex Company – www.instaforex.com
The spot rate is currently testing the intermediate resistance of its medium-term bearish channel at 1.5310 suggesting a decline. However, a break of these levels will allow it to reach the upper limit of its channel at 1.5390.
Technical indicators provide buy signals and, until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
The spot rate is currently testing the intermediate resistance of its channel, so we recommend 2 scenarios: the first one is the hypothesis of a decline, then we recommend a sell on the level of 1.5310 with the 1st objective at 1.5250 and then at 1.5230. A break through 1.5330 will invalidate this scenario. The second scenario is a break of its resistance, then we recommend a buy stop, which means to buy the spot rate as soon as it breaks through its resistance of 1.5310 with the 1st objective at 1.5370 and then at 1.5390. A break through 1.5290 will invalidate this scenario.
The material has been provided by InstaForex Company – www.instaforex.com