The spot rate is currently testing resistance through its medium-term bullish channel at 1.6040 and seems to start declining. However a break of these levels would reach the upper limit of its channel at 1.6110.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6040 with a 1st objective of 1.6110, then 1.6150. A break of 1.6020 would invalidate this scenario.
