The spot rate has bounced off the lower limit of the medium term bullish channel at 1.5710 and reached the intermediate resistance level at 1.5800. A breakthrough of this zone would allow the pair to reach the upper limit of its channel at 1.5860.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.5800 with a 1st objective of 1.5860, then 1.5880. A breakout at 1.5780 will change the observed situation.
