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The spot rate is currently testing the upper limit of its medium-term bearish channel in 1.5630 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 1.5630 with a 1st objective of 1.5690, then 1.5720. A break in 1.5610 would invalidate this scenario.
