The spot rate approaches the lower limit of its medium-term bullish channel at 1.6240 suggesting a rebound in the short term. However a break of these levels would initiate a downward trend.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6240 with a 1st objective of 1.6300, then 1.6330. A break in 1.6220 would invalidate this scenario.
