The spot rate declined after testing the upper limit of its medium-term bullish channel to1.4660. It now approaching its intermediate support at 1.4580 suggesting a rebound. However a break of these levels would entail a return to the lower limit of this one to 1.4500.
According to previous events, the market indicates a bullish opportunity on the levels of 1.4580 with a 1st objective of 1.4680, then 1.4710. A break in 1.4550 would invalidate this scenario.
