The spot rate has broken the intermediate support of its medium term bearish channel at 1.2110 leading to acceleration. A pull back to these levels is expected before reaching the lower limit of its channel to 1.1960.
Technical indicators provide buy signals and evolve in oversell zone supporting the assumption of a pull back. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in short term.
According to the previous events, the market will provide a bearish opportunity at the level of 1.2110 with the 1st objective at 1.2050 and then at 1.2030. A break through 1.2130 will alter this scenario.