The spot rate is currently testing the intermediate support of its medium-term bearish channel at 1.6320 suggesting a rebound. However a break of these levels would entail a return to the lower limit of this one to 1.6240.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6320 with a 1st objective of 1.6420, then 1.6440. A break in 1.6290 would invalidate this scenario.
