The spot rate has bounced off the lower limit of its medium term downtrend channel at 1.3180 and approach to its intermediate resistance to 1.3270. A breakout of these levels will reach the upper limit of its channel to 1.3320.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken its resistance of 1.3270 with a 1st objective of 1.3320, then 1.3360. A breakthrough in 1.3250 will invalidate this scenario.
