The spot rate approaches the intermediate resistance of its medium-term bullish channel in 112.10 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 112.90.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 112.10 with a 1st objective of 112.70, then 112.90. A break in 111.90 would invalidate this scenario.
