The spot rate came to test the upper limit of its medium-term bearish channel at 1.4350 and declined. It now approaching the intermediate support of this one to 1.4010 suggesting a rebound on these levels. However a break of this area would entail a return to the lower limit of its channel to 1.3770.
According to previous events, the market indicates a bullish opportunity on the levels of 1.4010 with a 1st objective of 1.4130, then 1.4150. A break in 1.3980 would invalidate this scenario.
