The spot rate is currently testing the intermediate resistance of its medium term bearish channel in 1.3060 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1.3340.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.3060 with a 1st objective of 1.3120, then 1.3150. A break in 1.3040 would invalidate this scenario.
Performed by Albert Fitoussi, Analytical expert
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