The spot rate is currently testing the upper limit of its medium-term bullish channel at 1.3780 and seems starting to decline. However a breakout of this area will enable it to begin an uptrend more violent.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken through its resistance level at 1.3780 with a 1st objective of 1.3860, then 1.3890. A breakout in 1.3750 will invalidate this scenario.