The spot rate approaches to the upper limit of its medium-term bearish channel in 103.60 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 103.60 with a 1st objective of 104.10, then 104.40. A break in 103.40 would invalidate this scenario.
