The spot rate approaches the upper limit of its medium-term bearish channel to 1.6360 suggesting a decline. However a break of these levels would free up significant potential and begin a rising trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6360 with a 1st objective of 1.6430, then 1.6470. A break in 1.6340 would invalidate this scenario.