The spot rate came to test the upper limit of its medium-term bullish channel at 1.4940 and declined. It approaches its intermediate support at 1.4510 suggesting a rebound. However a break of these levels would entail a return to the lower limit of its channel to 1.4400.
According to previous events, the market indicates a bullish opportunity on the levels of 1.4510 with a 1st objective of 1.4630, then 1.4660. A break in 1.4480 would invalidate this scenario.
