The spot rate approaches intermediate support of its medium-term bullish channel at 1.6070 suggesting a rebound. However a break of these levels would entail a return to the lower limit of its channel at 1.5980.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6070 with a 1st objective of 1.6190, then 1.6220. A break in 1.6040 would invalidate this scenario.