The spot rate is currently testing the lower limit of its short term downtrend channel at 1.3205. A rebound is possible on these levels. However a breakthrough of this area will make a downward trend more violent.
According to previous events, the market indicates a bullish opportunity on the levels of 1.3205 with a 1st objective of 1.3280, then 1.3310. A breakout of 1.3180 will invalidate this scenario.
