The spot rate is currently testing the upper limit of its medium-term downtrend channel at 1.3670 and seems initiate an output. A breakthrough of this area will provide a significant potential for the beginning of an upward trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken out its resistance level at 1.3670 with a 1st objective of 1.3750 and then 1.3780. A breakthrough of 1.3640 will invalidate this scenario.
