The spot rate came to test the upper limit of its medium-term bullish channel at 0.8820 and declined. It is now approaching its intermediate support at 0.8750 suggesting a rebound in the short term.
According to previous events, the market indicates a bullish opportunity on the levels of 0.8750 with a 1st objective of 0.8820, then 0.8840. A break in 0.8730 would invalidate this scenario.
