The spot rate approaches the upper limit of its medium term bearish channel in 105.60 suggesting a decline. However a break of these levels would free up 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 105.60 with a 1st objective of 106.30, then 106.60. A break in 105.30 would invalidate this scenario.
