The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.2770 suggesting a decline. However, a break of these levels would allow it to reach the upper limit of its channel to 1.2880.
Technical indicators signal to buyers and support the assumption of a soon resistance break.
According to previous events, the market may indicate a bullish opportunity as soon as the spot rate will break its resistance at 1.2770 with the 1st objective of 1.2850, then of 1.2880. A break through 1.2750 will change this scenario.
