The spot rate has bounced off the lower limit of its medium-term bearish channel at 1.5750 and is currently testing its short term horizontal resistance at 1.5840. A break of these levels would reach the upper limit of its channel at 1.6005.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.5840 with a 1st objective of 1.5930, then 1.5970. A break in 1.5820 would invalidate this scenario.
