The spot rate is currently testing the upper limit of its medium-term downtrend channel at 1.5610 suggesting a decline. However a break of these levels would release significant potential and would initiate an upward trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance at 1.5610 with a 1st objective of 1.5670, then 1.5730. A break of 1.5590 would invalidate this scenario.
