The spot rates approach the upper limit of its medium-term downtrend channel to 1.3170 suggesting a decline in the short term. However a breakout of these levels would initiate an upward trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.3170 with a 1st objective of 1.3260, then 1.3280. A break in 1.3140 would invalidate this scenario.
