The spot rate is currently testing the upper limit of its medium-term bearish channel in 108.20 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 108.20 with a 1st objective of 109.00, then 109.20. A break in 107.90 would invalidate this scenario.
