The spot rate approaches the lower limit of its medium term bearish channel to 1.5900 suggesting a rebound. However a break of these levels would initiate a more violent bearish trend.
According to previous events, the market indicates a bullish opportunity on the levels of 1.5900 with a 1st objective of 1.6020, then 1.6070. A break in 1.5870 would invalidate this scenario.
