The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.2610 suggesting a rebound. However, a break of these levels would entail a decline to the lower limit of this one - to 1.2505.
According to previous events, the market indicates a bullish opportunity at the levels of 1.2610 with the 1st target at 1.2680, then at 1.2710. A break at 1.2590 would invalidate this scenario.
