The spot rate is currently testing the upper limit of its medium term bearish channel at 1.3070 and seems to initiate a decline. Howeverб a break through these levels would free up significant potential and initiate a bullish trend.
Technical indicators don't give clear signals but are approaching the overbuy zone suggesting a decline.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will puncture its resistance at 1.3070 with the 1st objective of 1.3140, then of 1.3160. A break of 1.3050 will invalidate this scenario.
