The spot rates approach the upper limit of its medium term bearish channel 105.40 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 105.40 with a 1st objective of 106.20, then 106.60. A break in 105.20 would invalidate this scenario.
