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The spot rates approach the upper limit of its medium-term bullish channel to 1.6510 suggesting a decline in the short term. However a break of these levels would initiate a more violent bullish trend.
According to previous events, the market indicates a bearish opportunity on the levels of 1.6510 with a 1st objective of 1.6410, then 1.6390. A break in 1.6540 would invalidate this scenario.
