The spot rate is currently testing the upper limit of its medium term bearish channel at 1.5450 and seems to initiate a decline. However, a break of these levels will free significant potential and start a bullish trend.
Technical indicators give sellers signals suggesting a decline in a short term.
According to previous events, the market can indicate a bullish opportunity as soon as the spot rate will break through its resistance at 1.5450 with the 1st objective of 1.5500, then of 1.5520. A break through 1.5430 will invalidate this scenario.
