The spot rates approaches the upper limit of its short term bearish channel at 1.6040. A break of these levels would free up significant potential and begin an upward trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6040 with a 1st objective of 1.6130, then 1.6160. A break in 1.6010 would invalidate this scenario.
