The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 77.30 suggesting a decline. However, a break of these levels will allow it reaching the upper limit of its channel - 77.90.
According to previous events, the market will indicate a bullish opportunity as soon as the spot rate has broken though its resistance at 77.30 with the 1st objective of 77.70, then of 77.90. A break through 77.10 will invalidate this scenario.
