The spot rate has bounced off the lower limit of its bullish channel and is currently testing its horizontal resistance level at 1.5650. A breakthrough of this zone would allow the pair to reach the upper limit of its short term downtrend channel at 1.5800.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance of 1.5650 with a 1st objective of 1.5740, then 1.5800. A breakout in 1.5620 will change the observed situation.
