The spot rate approaches resistance through its medium-term downtrend channel at 1.5890. A break of these levels it would reach the upper limit of this channel to 1.6010.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance at 1.5890 with a 1st objective at 1.6010, then 1.6040. A break of 1.5860 would invalidate this scenario.
