The spot rate approach to the intermediate support of its medium term bearish channel in 104.00 suggesting a rebound. However a break of these levels would entail a return to the lower limit of its channel to 99.00.
According to previous events, the market indicates a bullish opportunity on the levels of 104.00 with a 1st objective of 107.90, then 108.40. A break in 103.70 would invalidate this scenario.
