The spot rate has bounced off the lower limit of its medium-term downtrend channel in 1.5870 and is currently testing its intermediate resistance to 1.6020. A break of this area would release a significant potential.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6020 with a 1st objective of 1.6110, then 1.6150. A break in 1.5990 would invalidate this scenario.
