The spot rate is currently testing the lower limit of its medium-term bullish channel in 1.6450 suggesting a rebound. However a break of these levels would initiate a new trend.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6450 with a 1st objective of 1.6560, then 1.6600. A break in 1.6420 would invalidate this scenario.