The spot rate approaches the upper limit of its medium-term bearish channel at 1.6530 suggesting a decline. However a break of these levels would free up significant potential and begin a bullish trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6530 with a 1st objective of 1.6620, then 1.6650. A break in 1.6510 would invalidate this scenario.
