The spot rate is currently testing the intermediate resistance of its medium term bullish channel in 104.40 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 105.90.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 104.40 with a 1st objective of 104.80, then 105.00. A break in 104.20 would invalidate this scenario.
