The spot rate is currently testing the lower limit of its medium-term bearish channel at 1.6590 suggesting a rebound in the short term. However a break of these levels would initiate a bearish trend more violent.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6590 with a 1st objective of 1.6670, then 1.6720. A break in 1.6570 would invalidate this scenario.