The spot rate has bounced off the lower limit of its medium-term downtrend channel at 1.5720 and is currently testing the upper limit of its short-term downtrend channel at 1.5770 . A breakthrough of this area will provide a significant potential.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has breached its resistance level of 1.5770 with a 1st objective of 1.5830, then 1.5860. A breakout in 1.5750 will invalidate this scenario.