The spot rate tested since Friday the upper limit of its medium-term bearish channel at 1.6400 and seems starting to decline. However a break of these levels would free up significant potential and begin a rising trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6400 with a 1st objective of 1.6480, then 1.6520. A break in 1.6380 would invalidate this scenario.
