The spot rate is currently testing the intermediate resistance of its medium-term bullish channel at 1.6570 suggesting a decline. However a break of these levels would reach the upper limit of this one to 1.6800.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6570 with a 1st objective of 1.6690, then 1.6710. A break in 1.6540 would invalidate this scenario.