The spot rates approach to the upper limit of its medium term bearish channel in 1.5750 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 1.5750 with a 1st objective of 1.5850, then 1.5870. A break in 1.5720 would invalidate this scenario.
