The spot rate is currently testing the lower limit of its medium-term bullish channel and 1.6110 seems to start a rebound. However a break in this area would lead to a downward acceleration and initiate a new trend.
According to previous events, the market indicates a bullish opportunity on the levels of 1.6110 with a 1st objective of 1.6190, then 1.6220. A break in 1.6080 would invalidate this scenario.
Performed by Albert Fitoussi, Analytical expert
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