The spot rate is currently testing the intermediate support of its medium-term bearish channel at 1.6280 and seems to start a rebound. However a break of these levels would entail a return to the lower limit of its channel to 1.6220.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6280 with a 1st objective of 1.6370, then 1.6390. A break in 1.6260 would invalidate this scenario.