The spot rate is currently testing the upper limit of its medium term bearish channel in 1.6080 and seems to initiate a 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 1.6080 with a 1st objective of 1.6170, then 1.6250. A break in 1.6050 would invalidate this scenario.
