The spot rate came to test its strength through the upper limit of its short term downtrend channel at 1.3650 and seems starting to decline. However a breakout in this area will result in acceleration towards the upper limit of its downtrend channel at 1.3710.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken through its resistance level at 1.3650 with a 1st objective of 1.3710, then 1.3750. A break in 1.3630 will invalidate this scenario.
