After breaking its short-term support in 1.4200 the spot rate has accelerated and is currently testing the lower limit of its medium term bearish channel in 1.3930 suggesting a rebound. However a break of these levels would initiate a bearish trend more violent.
According to previous events, the market indicates a bullish opportunity on the levels of 1.3930 with a 1st objective of 1.4030, then 1.4100. A break in 1.3900 would invalidate this scenario.
http://instaforex.com/forex_analysis/33180/?x=OUE
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