The spot rate approaches the intermediate resistance of its medium term bearish channel at 1.4320 and seems to initiate a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1.4420.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.4320 with a 1st objective of 1.4420, then 1.4450. A break in 1.4290 would invalidate this scenario.
