The spot rate approaches the upper limit of its medium-term bullish channel at 1.6230 suggesting a decline in the short term. A return on its intermediate support to 1.6070 is expected before a resumption of bullish.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6070 with a 1st objective of 1.6160, then 1.6230. A break in 1.6050 would invalidate this scenario.
