The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.6010. A break of these levels would allow it to reach the upper limit of the channel to 1.6160.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6010 with a 1st objective of 1.6110, then 1.6160. A break in 1.5980 would invalidate this scenario.