The spot rate approaches to the upper limit of its medium-term bullish channel in 108.20 suggesting a decline. However a break of these levels would free up significant potential and initiate a bullish trend more violent.
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 108.70, then 108.90. A break in 108.00 would invalidate this scenario.
