The spot rate approached the upper limit of its medium-term downtrend channel at 1.6090. A breakthrough of this area will release a significant potential for the beginning of an upward trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken out its resistance level at 1.6090 with a 1st objective of 1.6160, then 1.6190. A breakthrough of 1.6070 will invalidate this scenario.