The spot rate is currently testing the upper limit of its medium term bullish channel in 1.4000 suggesting a decline. However a break of these levels would free up significant potential and initiate a bullish trend more violent.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.4000 with a 1st objective of 1.4100, then 1.4120. A break in 1.3970 would invalidate this scenario.