The spot rate is currently testing the upper limit of its medium term bearish channel in 76.90 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 76.90 with a 1st objective of 77.50, then 77.70. A break in 76.70 would invalidate this scenario.
