The spot rate is currently testing the intermediate resistance of its medium term bearish channel in 1.3000 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1.3130.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.3000 with the 1st objective of 1.3050, then 1.3080. A break at 1.2980 would invalidate this scenario.
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