The spot rate approaches the intermediate resistance of its medium-term bearish channel to 1.6450. A break of these levels would reach the upper limit of its channel to 1.6580.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6450 with a 1st objective of 1.6550, then 1.6580. A break in 1.6420 would invalidate this scenario.