The spot rate approached the lower limit of its short-term bullish channel to 1.5650 suggesting a rebound from these levels. However a breakout of this zone would result in an acceleration towards the support through its medium-term downtrend channel at 1.5560.
According to previous events, the market indicates a bullish opportunity on the levels of 1.5650 with a 1st objective of 1.5740, then 1.5780. A breakthrough in 1.5620 will change the situation.
