The spot rate approaches the upper limit of its medium term bearish channel in 77.10 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 77.10 with a 1st objective of 77.80, then 78.00. A break in 76.90 would invalidate this scenario.
