The spot rate is currently testing the upper limit of its medium term bearish channel at 1.5390 and seems to initiate a decline. However, breaking through these levels will release significant potential and initiate a bullish trend.
Technical indicators signal to sellers suggesting a decline in the short term.
According to previous events, the market can indicate a bullish opportunity as soon as the spot rate will puncture its resistance at 1.5390 with the 1st objective of 1.5440, then of 1.5470. A break through 1.5370 will change this scenario.
