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The spot rate is currently testing the intermediate support of its medium term bullish channel in 104.40 suggesting a rebound. However a break of these levels would entail a return to the lower limit of this one to 103.80.
According to previous events, the market indicates a bullish opportunity on the levels of 104.40 with a 1st objective of 104.90, then 105.20. A break in 104.20 would invalidate this scenario.
