The spot rate is currently testing the upper limit of its medium term bearish channel at 1.2880 and seems to initiate a decline. However, a break 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 will show a bullish opportunity as soon as the spot rate will break through its resistance at 1.2880 with the 1st objective of 1.2950, and then of 1.2970. A break through 1.2860 will change this scenario.
