The spot rate has bounced off the lower limit of its medium term downtrend channel at 1.2970 and approached its intermediate resistance at 1.3095. A breakout of these levels will allow the pair to reach the upper limit of its channel at 1.3180.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.3095 with a 1st objective of 1.3180, then 1.3200. A breakthpugh in 1.3070 will change the situation.
