The spot rate is currently testing the upper limit of its medium term bearish channel at 1.3160 and seems to initiate a decline. However, a break of these levels will free up significant potential and initiate a bullish trend.
Technical indicators don't give clear signals but are approaching the overbuy zone suggesting a decline.
According to previous events, the market will indicate a bullish opportunity as soon as the spot rate has broken its resistance in the point 1.3160 with the 1st objective of 1.3220, and then of 1.3240. A break through 1.3140 will cancel this scenario.