The spot rate approaches the lower limit of its medium-term bullish channel at 1.6010 suggesting a rebound on this area. However a break of these levels would release a large downside potential and would initiate a bearish trend.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6010 with a 1st objective of 1.6140, then 1.6190. A break in 1.5980 would invalidate this scenario.
