The spot rate is currently testing the intermediate support of its medium term bearish channel at 1.5920 suggesting a rebound. However a break of these levels would entail a return to the lower limit of the channel to 1.5730.
According to previous events, the market indicates a bullish opportunity on the levels of 1.5920 with a 1st objective of 1.6050, then 1.6080. A break in 1.5890 would invalidate this scenario.
