The spot rate is currently testing the intermediate resistance of its medium-term bullish channel at 1.5240 suggesting a decline. However, a break of this level will allow it to reach the upper limit of its channel at 1.5320. Technical indicators do not provide clear signals, but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility. The spot rate is currently testing the intermediate resistance of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1.5240 with the 1st objective at 1.5180 and then at 1.5160. A breakthrough of 1.5260 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy the spot rate as soon as it is broken through its resistance of 1.5240 with the 1st objective at 1.5300 and then at 1.5320. A breakthrough of 1.5220 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 bullish channel at 1.5240 suggesting a decline. However, a break of this level will allow it to reach the upper limit of its channel at 1.5320.
Technical indicators do not provide clear signals, but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility.
The spot rate is currently testing the intermediate resistance of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1.5240 with the 1st objective at 1.5180 and then at 1.5160. A breakthrough of 1.5260 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy the spot rate as soon as it is broken through its resistance of 1.5240 with the 1st objective at 1.5300 and then at 1.5320. A breakthrough of 1.5220 will invalidate this scenario.
The material has been provided by InstaForex Company – www.instaforex.com