The spot rate broke the intermediate resistance of its medium term bearish channel at 1.5980 leading to an acceleration. A pull back on this area is expected before a resumption of bullish to the upper limit of its channel at 1.6160.
According to previous events, the market indicates a bullish opportunity on the levels of 1.5980 with a 1st objective of 1.6110, then 1.6160. A break in 1.5950 would invalidate this scenario.
