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EUR/USD Intraday Technical Analysis 2012-06-13
The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.2430 suggesting a rebound. However, a break through this level will trigger a decline to the lower limit – 1.2220.
Technical indicators do not provide clear signals but until the support is not broken the assumption of a rebound 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 at the level of 1.2430 with the 1st objective at 1.2490 and then at 1.2510. A break through 1.2410 will alter this scenario.