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The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.2800 suggesting a decline. However, a break through these levels will allow it to reach the upper limit of its channel - 1.2880.
Technical indicators give signals to sellers suggesting a decline in a short term.
According to previous events, the market will show a bullish opportunity as soon as the spot rate will break through its resistance at 1.2800 with the 1st objective of 1.2850, then of 1.2880. A break through 1.2780 will change this scenario.
