The spot rate is currently testing the upper limit of its medium term bearish channel at 1.5590 and seems to initiate a decline. However, a break through these levels will release significant potential and initiate a bullish trend.
Technical indicators don't give clear signals but are approaching overbuy area suggesting a decline.
According to previous events, the market may indicate a bullish opportunity as soon as the spot rate will pass its resistance at 1.5590 with the 1st objective of 1.5660, then of 1.5680. A break a\through 1.5570 will invalidate this scenario.