The spot rates approach the upper limit of its medium-term bearish channel to 1.6230 suggesting a decline. However a break of these levels would free up significant potential.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6230 with a 1st objective of 1.6350, then 1.6380. A break in 1.6200 would invalidate this scenario.