The spot rate approaches the lower limit of its medium-term bullish channel 1.6010 suggesting a rebound from these levels. However a break of this zone will lead to an acceleration toward the lower limit of its downtrend channel at 1.5880.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6010 with a 1st objective of 1.6100, then 1.6140. A break in 1.5980 will invalidate this scenario.
