The spot rate is currently testing the upper limit of its medium term trading range in the point 1.5740 and seems to start dropping. Though, a break of these levels will release significant potential and initiate a bullish trend.
Technical indicators don't give clear signals but are approaching the overbuy zone suggesting a decline.
According to previous events, the market can indicate a bullish opportunity as soon as the spot rate has broken its resistance at 1.5740 with the 1st objective of 1.5790, and then of 1.5820. A break though 1.5720 will change the plan.
