The spot rate is currently testing the intermediate resistance of its medium-term bullish channel at 1.6260 and seems starting to decline. However a break of these levels would reach the upper limit of its channel to 1.6350.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6260 with a 1st objective of 1.6350, then 1.6380. A break in 1.6240 would invalidate this scenario.
