The spot rate is currently testing the lower limit of its medium-term bearish channel at 1.6350 and seems to start a rebound. However a break of these levels would release a significant downside potential.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6350 with a 1st objective of 1.6440, then 1.6460. A break in 1.6330 would invalidate this scenario.