The spot rate broke yesterday the intermediate resistance of its short-term bullish channel resulting in a violent acceleration. It is now approaching the upper limit of its medium-term bearish channel to 1.6350. A break of these levels would allow it to begin a bullish trend.
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 1.6440, then 1.6480. A break in 1.6320 would invalidate this scenario.