The spot rate has bounced off the lower limit of its medium term bearish channel at 1.6040 and approaches the intermediate resistance of this one at 1.6150. A break of these levels would reach the upper limit of its channel at 1.6230.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6150 with a 1st objective of 1.6230, then 1.6260. A break in 1.6130 would invalidate this scenario.
