The spot rate is currently testing the upper limit of its medium term bearish channel at 1.5380 and seems to initiate a decline. However, a break of these levels will free up significant potential and initiate a bullish trend.
Technical indicators give signals to buyers, but are approaching the overbought zone suggesting a decline.
According to previous events, the market can indicate a bullish opportunity as soon as the spot rate breaks through its resistance at 1.5380 with the 1st objective of 1.5430, then at 1.5450. A break through 1.5360 will change this scenario.
