The spot rate is currently testing the intermediate resistance of its medium-term bearish channel at 1.6190 suggesting a decline. However a break of these levels would reach the upper limit of its channel to 1.6280.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6190 with a 1st objective of 1.6280, then 1.6320. A break in 1.6170 would invalidate this scenario.
