The spot rates approach the upper limit of their medium-term downtrend channel at 1.6095 suggesting a decline in the short term. However a breakout in that area will free up a significant potential and begin an upward trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken its resistance level at 1.6095 with a 1st objective of 1.6160, then 1.6190. A breakthrough of 1.6070 will invalidate this scenario.
