The spot rate is currently testing the upper limit of its medium term bearish channel in 110.90 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 110.90 with a 1st objective of 111.80, then 112.10. A break in 110.60 would invalidate this scenario.
