The spot rate approaches the upper limit of its medium term bearish channel to 1.4410 suggesting a decline. However a break of these levels would free up significant potential and initiate a bullish trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.4410 with a 1st objective of 1.4500, then 1.4540. A break in 1.4390 would invalidate this scenario.
