The spot rate approaches to the upper limit of its medium-term bearish channel in 1.3740 suggesting a decline. However a break of these levels would free up 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 1.3740 with a 1st objective of 1.3790, then 1.3840. A break in 1.3720 would invalidate this scenario.