The spot rate has bounced off the lower limit of its medium-term downtrend channel and is currently testing the resistance through it to 1.6150. A break of this zone would allow it to reach the upper limit of its channel to 1.6225.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6150 with a 1st objective of 1.6225, then 1.6260. A break in 1.6130 would invalidate this scenario.
