The spot rate is currently testing resistance through its medium-term downtrend channel at 1.2935 suggesting a decline in the short term. However a break of these levels would reach the upper limit of its channel to 1.3035.
According to previous events, the market indicates a bearish opportunity on the levels of 1.2935 with a 1st objective of 1.2860, then 1.2840. A break of 1.2950 would invalidate this scenario.
