The spot rate is currently testing the intermediate resistance of its medium-term bearish channel at 1.6110 and seems starting to decline. However a break of these levels would result in an acceleration towards the upper limit of its channel at 1.6190.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6110 with a 1st objective of 1.6190, then 1.6220. A break in 1.6090 would invalidate this scenario.
