The spot rate approaches to the upper limit of its medium-term bearish channel in 1.6060 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 1.6060 with a 1st objective of 1.6130, then 1.6150. A break in 1.6040 would invalidate this scenario.
