EUR/USD Intraday Technical Analysis

EUR/USD Intraday Technical Analysis

The spot rate is currently checking the intermediate resistance of its medium term bearish channel at 1.2320 and is likely to decline. Still, a break through these levels will trigger potential and will be able to reach the upper limit of this one to 1.2540.
Technical indicators do not provide clear signals but evolve in oversell zone supporting the assumption of a break of its resistance. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.2320 with the 1st objective at 1.2380 and then at 1.2400. A break through 1.2300 will invalidate this scenario.


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