The spot rate approaches to the upper limit of its medium term bullish channel in 1.6050 suggesting a decline. However a break of these levels would free up significant potential and initiate a bullish trend more violent.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6050 with a 1st objective of 1.6150, then 1.6180. A break in 1.6020 would invalidate this scenario.
