The spot rate came to test the upper limit of its medium-term bullish channel at 0.8760 and seems starting to decline towards its medium-term horizontal support at 0.8720 suggesting a rebound on these levels.
According to previous events, the market indicates a bullish opportunity on the levels of 0.8720 with a 1st objective of 0.8780, then 0.8800. A break in 0.8700 would invalidate this scenario.
