The spot rate tests since yesterday the upper limit of its medium-term bearish channel at 1.6390 and seems starting to decline. However a break of these levels would free up significant potential and 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 1.6390 with a 1st objective of 1.6480, then 1.6520. A break in 1.6370 would invalidate this scenario.