The spot rate approaches the lower limit of its medium-term bullish channel to 1.6430 suggesting a rebound on these levels. However a break of this zone would free a large downside potential and initiate a new trend.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6430 with a 1st objective of 1.6580, then 1.6620. A break in 1.6400 would invalidate this scenario.