The spot rate is currently testing the lower limit of its medium term bearish channel in 1.4050 suggesting a rebound. However a break of these levels would initiate a bearish trend more violent.
According to previous events, the market indicates a bullish opportunity on the levels of 1.4050 with a 1st objective of 1.4170, then 1.4200. A break in 1.4020 would invalidate this scenario.