The spot rate approaches the upper limit of its short-term bearish channel in 1.5810 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 1.5810 with a 1st objective of 1.5920, then 1.5950. A break in 1.5780 would invalidate this scenario.
