The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.2760 suggesting a rebound. However, a break of these levels will cause a decline to the lower limit of this one to 1.2630.
According to the recent events, the market indicates a bullish opportunity at the levels of 1.2760 with the 1st objective of 1.2830, then at 1.2850. A break out at 1.2740 will change this scenario.
