The spot rates approach the upper limit of its short term downtrend channel at 1.5660 suggesting a decline in the short term. However a breakout in that area would free up significant potential and begin an uptrend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken through its resistance at 1.5660 with a 1st objective of 1.5740, then 1.5780. A breakout in 1.5630 will invalidate this scenario.
