The spot rate approaches the intermediate resistance of its medium term bearish channel in 1.4400 suggesting a decline. However a break of these levels would allow it to reach the upper limit of the channel to 1.4480.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.4400 with a 1st objective of 1.4480, then 1.4520. A break in 1.4380 would invalidate this scenario.
