The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.5570 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel at 1.5730.
According to the recent events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.5570 with the 1st target at 1.5640, then 1.5660. A break of 1.5550 can invalidate this scenario.
