The spot rate is currently testing the lower limit of its medium-term bullish channel at 1.6360 suggesting a rebound in the short term. However a break of these levels would release a large downside potential and initiate a new trend.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6360 with a 1st objective of 1.6450, then 1.6480. A break in 1.6340 would invalidate this scenario.