The spot rate broke the intermediate resistance of its medium-term bearish channel at 1.6040 and seems to be starting to decline. A pull back on these levels is expected before a resumption of bullish.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6040 with a 1st objective of 1.6130, then 1.6170. A break in 1.6020 would invalidate this scenario.