The spot rate is currently testing the intermediate support of its medium term bearish channel in 1.6220 suggesting a rebound. However a break of these levels would entail a return to the lower limit of its channel to 1.6120.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6220 with a 1st objective of 1.6320, then 1.6350. A break in 1.6190 would invalidate this scenario.
