The spot rate approaches the upper limit of its medium term bearish channel in 1.4380 suggesting a decline. However a break of these levels would release significant potential and initiate a new trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.4380 with a 1st objective of 1.4480, then 1.4520. A break in 1.4350 would invalidate this scenario.