The spot rates approach the upper limit of its medium-term bearish channel to 1.6470 suggesting a decline in the short term. However a break of these levels would free up significant potential and initiate a new trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6470 with a 1st objective of 1.6550, then 1.6580. A break in 1.6450 would invalidate this scenario.