The spot rate is currently testing the intermediate support of its medium term bearish channel in 107.60 suggesting a rebound. However a break of these levels would entail a return to the lower limit of its channel to 106.20.
According to previous events, the market indicates a bearish opportunity as soon as the spot rate will have broken its support in 107.60 with a 1st objective of 106.60, then 106.30. A break in 107.90 would invalidate this scenario.
