The spot rate has bounced off the lower limit of its short-term trading range at 1.6215 and approaches to the intermediate resistance of this one at 1.6255. A break of these levels would reach the upper limit of the trading range at 1.6330.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6255 with a 1st objective of 1.6330, then 1.6360. A break in 1.6230 would invalidate this scenario.
