The spot rate approaches the intermediate resistance of its medium-term bullish channel to 1.6580 suggesting a decline. However a break of these levels would reach the upper limit of this one to 1.6840.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6580 with a 1st objective of 1.6720, then 1.6740. A break in 1.6550 would invalidate this scenario.
