The spot rate is currently testing the upper limit of its medium-term downtrend channel at 1.3430 and seems starting to decline. However a breakthrough of this area will release significant potential and will begin an uptrend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance level at 1.3430 with a 1st objective of 1.3520, then 1.3560. A breakout of 1.3400 will invalidate this scenario.
