The spot rate is currently testing the upper limit of its medium term bullish channel in 78.20 and seems to initiate 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 78.20 with a 1st objective of 78.70, then 78.90. A break in 78.00 would invalidate this scenario.
