The spot rate came to test the upper limit of its downtrend channel at 1.6085 and seems to initiate a withdrawal. However a breakout in this area will allow the pair to achieve the upper limit of its medium-term bullish channel at 1.6190.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken through its resistance at 1.6085 with a 1st objective of 1.6160, then 1.6190. A break of 1.6060 would invalidate this scenario.
