The spot rate is currently testing the upper limit of its short term downtrend channel at 1.3420 suggesting a decline in the short term. However a breakout of that area will free up significant potential for an upward trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken through its resistance level of 1.3420 with a 1st objective of 1.3520, then 1.3550. A breakthrough at 1.3390 will invalidate this scenario.
