The spot rate approaches the upper limit of its medium term bearish channel in1.6220 suggesting 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 1.6220 with a 1st objective of 1.6320, then 1.6350. A break in 1.6190 would invalidate this scenario.
