The spot rate is currently testing the intermediate resistance of its medium term bearish channel to 1.6040 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1.6200.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6040 with a 1st objective of 1.6170, then 1.6200. A break in 1.6010 would invalidate this scenario.
