The spot rate approaches the intermediate resistance of its medium-term bearish channel to 1.6260 suggesting a decline. However a break of these levels would reach the upper limit of its channel to 1.6410.
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 1.6380, then 1.6410. A break in 1.6230 would invalidate this scenario.
