The spot rate is currently testing the intermediate resistance of its medium-term bullish channel at 1.6295 suggesting a decline to the lower limit of its channel at 1.6080.
According to previous events, the market indicates a bearish opportunity on the levels of 1.6295 with a 1st objective of 1.6140, then 1.6080. A break in 1.6320 would invalidate this scenario.