The spot rate is currently testing the upper limit of its medium term bearish channel in 78.10 and seems to initiate a decline. However a break of these levels would free up significant potential and initiate a bullish trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 78.10 with a 1st objective of 78.80, then 79.00. A break in 77.90 would invalidate this scenario.
