The spot rate is currently testing the upper limit of its medium-term bearish channel at 1.6170 and seems to be starting to decline. However a break of these levels would free up significant potential and begin an upward trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6170 with a 1st objective of 1.6280, then 1.6300. A break in 1.6140 would invalidate this scenario.
