The spot rate is currently testing the intermediate support of its medium term bearish channel in 1.6330 and seems to start a rebound. However a break of these levels would entail a return to the lower limit of the channel to 1.6210.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6330 with a 1st objective of 1.6430, then 1.6450. A break in 1.6300 would invalidate this scenario.
