The spot rate is currently testing the intermediate support of its medium-term bearish channel at 1.3980 and seems to start a rebound. However a break of these levels would entail a return to the lower limit of its channel to 1.3750.
According to previous events, the market indicates a bullish opportunity on the levels of 1.3980 with a 1st objective of 1.4080, then 1.4120. A break in 1.3950 would invalidate this scenario.