The spot rate is currently testing the upper limit of its medium-term bullish channel at 1.6350 suggesting a decline in the short term. However a break of these levels would allow him to begin a more violent uptrend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6350 with a 1st objective of 1.6450, then 1.6470. A break in 1.6320 would invalidate this scenario.