The spot rate is currently testing the upper limit of its medium term bearish channel in 1.6180 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 1.6180 with a 1st objective of 1.6280, then 1.6200. A break in 1.6150 would invalidate this scenario.
