The spot rate came to test the lower limit of the medium term bearish channel at 1.5850 and broke through its short term resistance on the downtrend channel at 1.5920. A breakout of this zone will allow pair to reach the upper limit of this channel at 1.6010.
According to previous events, the market indicates a bullish opportunity as the spot rate has broken its resistance level at 1.5920 with a 1st objective of 1.6010, then 1.6040. A breakthrough of 1.5890 will invalidate this scenario.