The spot rate is currently testing the upper limit of its medium-term bearish channel at 1.6340 suggesting a decline in the short term. However a break of these levels would allow it to initiate a new trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6340 with a 1st objective of 1.6450, then 1.6480. A break in 1.6310 would invalidate this scenario.
