The spot rate is currently testing the intermediate resistance of its medium-term bullish channel in 1.6020 suggesting a decline. However a break of these levels allow it to reach the upper limit of its channel to 1.6210.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6020 with a 1st objective of 1.6110, then 1.6140. A break in 1.5990 would invalidate this scenario.
