The spot rate is currently testing the upper limit of its medium-term bearish channel at 1.6440 and seems starting to decline. However a break of these levels would free up significant potential and 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 1.6440 with a 1st objective of 1.6550, then 1.6580. A break in 1.6410 would invalidate this scenario.
