The spot rate has bounced off the lower limit of its medium-term downtrend channel at 1.3060 and is currently testing its intermediate resistance of 1.3150. A breakout of this zone will achieve an area of significant resistance at 1.3270.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.3150 with a 1st objective of 1.3240, then 1.3270. A breakthrough in 1.3120 will invalidate this scenario.