The spot rate is currently testing the lower limit of its medium term bearish channel at 1.5240 suggesting a rebound. However, breaking through these levels will make the bearish channel more violent.
According to the recent events, the market indicates a bullish opportunity at the levels of 1.5240 with the 1st objective of 1.5310, and then at 1.5330. Passing 1.5220 would invalidate this scenario.
