The spot rates approach the upper limit of its medium-term bullish channel in 111.40 suggesting a decline. However a break of these levels would initiate a bullish trend more violent.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 111.40 with a 1st objective of 112.10, then 112.30. A break in 111.20 would invalidate this scenario.
