The spot rate approaches the upper limit of its medium term bearish channel at 129.60 suggesting a decline. However, a break of these levels will initiate a violent bullish channel. 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 upper limit of its channel then we recommend 2 scenarios: The first one is the hypothesis of a decline - then we recommend a sell on the level of 129.60 with the 1st objective at 129.00 and then at 128.80. A break of 129.80 will invalidate this scenario. The second scenario is a break of its resistance - then we recommend a “buy stop” that means to buy the spot rate as soon as it has broken through its resistance of 129.60 with the 1st objective at 130.20 and then at 130.40. A break of 129.40 will invalidate this scenario.
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