The spot rate is currently testing the lower limit of its medium-term downtrend channel at 1.5705 and seems to start a rebound. However a breakout of these levels will lead to a downward acceleration and initiate a new trend.
According to previous events, the market indicates a bullish opportunity on the levels of 1.5705 with a 1st objective of 1.5780, then 1.5805. A breakthrough of 1.5680 will invalidate this scenario.