The spot rate is currently testing the upper limit of its medium-term bullish channel at 1.5900 suggesting a decline in the short term. However a breakout of this area would accelerate and initiate a bullish uptrend more violent.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance at 1.5900 with a 1st objective of 1.5960, then 1.6000. A breakthrough of 1.5880 would invalidate this scenario.