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The spot rate approaches to the upper limit of its medium-term bearish channel in 1.3790 suggesting a decline. However a break of these levels would free up significant potential and initiate a new trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.3790 with a 1st objective of 1.3850, then 1.3890. A break in 1.3770 would invalidate this scenario.
