Yesterday the spot rate rebounded from the lower limit of its medium term downtrend channel at 1.5760 and approached its intermediate resistance level of 1.5880. A breakout of this zone will allow pair to reach the upper limit of its channel at 1.6050.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken its resistance level in 1.5880 with a 1st objective of 1.5980, then 1.6020. A breakthrough of 1.5850 will invalidate this scenario.
