The spot rates approach the upper limit of its medium term bearish channel in 1.6610 suggesting a decline. However a break of these levels would allow it to 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 1.6610 with a 1st objective of 1.6720, then 1.6750. A break in 1.6580 would invalidate this scenario.
