The spot rate approached to its support level through its medium-term bullish channel at 1.5740 suggesting a rebound in the short term. However a breakthrough of this area would entail a return to the lower limit of the bullish channel at 1.5640.
According to previous events, the market indicates a bullish opportunity on the levels of 1.5740 with a 1st objective of 1.5830, then 1.5880. A breakout of 1.5710 will change the observed situation.
