The spot rate approaches the upper limit of its short term bearish channel at 1.6070. A break of these levels would reach the upper limit of its medium-term bearish channel at 1.6180.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6070 with a 1st objective of 1.6180, then 1.6220. A break in 1.6040 would invalidate this scenario.