The spot rate has bounced off the lower limit of its bearish channel at 1.5840 and approaches its intermediate resistance at 1.5940. A break of these levels would reach the upper limit of its channel at 1.6010.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance at 1.5940 with a 1st objective of 1.6010, then 1.6040. A break of 1.5920 would invalidate this scenario.
