The spot rate came to test the upper limit of its medium-term bullish channel 1.4280 and fell. It now approaching its mid-term support to 1.4180 suggesting a rebound in the short term. However a break of this zone would result in an acceleration toward the lower limit of the latter to 1.4100.
According to previous events, the market indicates a bullish opportunity on the levels of 1.4180 with a 1st objective of 1.4260, then 1.4330. A break in 1.4150 would invalidate this scenario.
