The spot rate is currently testing the resistance level through its medium-term downtrend channel at 1.5580. A downturn is possible in the short term. However a breakout of this zone will result in an acceleration towards the upper limit of its channel to 1.5620.
According to previous events, the market indicates a bearish opportunity on the levels of 1.5580 with a 1st objective of 1.5525, then 1.5470. A breakthrough at 1.5600 will change the situation.
