The spot rate has bounced off the lower limit of its medium-term bullish channel at 1.6060 and is currently testing the upper limit of its short term trading range at 1.6185. A break of this zone will allow it to reach the upper limit of its channel.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken its resistance at 1.6185 with a 1st objective of 1.6250, and then 1.6290. A breakthrough of 1.6160 would invalidate this scenario.
