The spot rate is currently testing the intermediate resistance of its medium-term bullish channel at 1.4080 suggesting a decline in the short term. However a break of these levels would result in an acceleration towards the upper limit of this channel at 1.4180.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.4080 with a 1st objective of 1.4180, then 1.4220. A break in 1.4050 would invalidate this scenario.
