The spot rate is currently testing the upper limit of its medium term downtrend channel at 1.3720 and seems to initiate a withdrawal. However a break in this area will release a significant potential and begin a new trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will break through its resistance at 1.3720 with a 1st objective of 1.3805, and then 1.3820. A breakout of 1.3690 will invalidate this scenario.
