The spot rate is currently testing the intermediate resistance of its medium-term bearish channel in 107.30 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 107.90.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 107.30 with a 1st objective of 107.90, then 108.30. A break in 107.10 would invalidate this scenario.
