The spot rate is gone out from its medium term bearish channel by breaking the upper limit of this one at 1.6070. A pull back on these levels is expected before a resumption of bullish.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6070 with a 1st objective of 1.6170, then 1.6200. A break in 1.6040 would invalidate this scenario.