The spot rate has bounced off the lower limit of its medium-term downtrend channel and seems to initiate a breakdown of its short term downtrend channel at 1.5480 . A pullback on these levels is expected before a resumption of bullish.
According to previous events, the market indicates a bullish opportunity on the levels of 1.5480 with a 1st objective of 1.5580, then 1.5620. A break in 1.5450 would invalidate this scenario.
