The spot rate approaches the upper limit of its medium term bearish channel in 1.6030 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its long-term bearish channel to 1.6260.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6030 with a 1st objective of 1.6150, then 1.6180. A break in 1.6000 would invalidate this scenario.
http://instaforex.com/forex_analysis/33290/?x=OUE
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