The spot rate is currently testing the upper limit of its medium term bearish channel at 1.5510 and seems to initiate a decline. However, a break through these levels would free up significant potential and initiate a bullish trend.
Technical indicators do not provide sellers signals but evolve in overbought zone suggesting a decline in the short term.
According to previous events, the market provides a bullish opportunity as soon as the spot rate will break its resistance at 1.5510 with the 1st objective of 1.5580, then 1.5620. A break through 1.5490 will change this scenario.
