The spot rate is currently testing the upper limit of its medium term triangle in 111 suggesting a decline. However a break of these levels would release significant potential and 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 111 with a 1st objective of 111.80, then 112.20. A break in 110.80 would invalidate this scenario.
