FX.co ★ EUR/USD Intraday Technical Analysis

The spot rate is approaching to the upper limit of its medium term bearish channel at 1.2330 and seems to initiate a decline. However, a breakthrough these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide buy signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events, the market will provide a bullish opportunity as soon as the spot rate is broken through its resistance of 1.2330 with the 1st objective at 1.2390 and then at 1.2420. A breakthrough 1.2310 will invalidate this scenario.