The spot rate is currently testing the upper limit of its medium term trading range in 1.6480 suggesting a decline. However a break of these levels would 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 1.6480 with a 1st objective of 1.6580, then 1.6620. A break in 1.6450 would invalidate this scenario.