The spot rate approaches the lower limit of its medium-term bearish channel to 1.4750 suggesting a rebound in the short term. However a break of this zone would free a large downside potential and initiate a new trend.
According to previous events, the market indicates a bullish opportunity on the levels of 1.4750 with a 1st objective of 1.4840, then 1.4880. A break in 1.4720 would invalidate this scenario.