The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.4070 suggesting a rebound. However a break of these levels would entail a return to the lower limit of the channel to 1.3910.

According to previous events, the market indicates a bullish opportunity on the levels of 1.4070 with a 1st objective of 1.4180, then 1.4220. A break in 1.4040 would invalidate this scenario.