The spot rate approaches to the upper limit of its short term downtrend channel at 1.5970. A breakthrough of this zone will allow it to reach the upper limit of its medium-term downtrend channel at 1.6090.
According to previous events, the market indicates a bullish opportunity since the spot rate has broken out its resistance level at 1.5970 with a 1st objective of 1.6040, then 1.6090. A breakthrough at 1.5940 will invalidate this scenario.
