The spot rate has bounced off the lower limit of its bearish channel at 1.5920 and approaches its intermediate resistance to 1.5960. A break of these levels would reach the upper limit of its channel to 1.6030.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance at 1.5960 with a 1st objective of 1.6030, then 1.6050. A break of 1.5940 would invalidate this scenario.