The spot rate is currently testing the intermediate support of its medium term bearish channel at 76.60 suggesting a rebound. However, a break through these levels will entail a decline to the lower limit of this one to 76.30.
Technical indicators give buyers signals and are approaching the oversold zone supporting the assumption of a rebound in the short term.
According to previous events, the market indicates a bullish opportunity at the levels of 76.60 with the 1st objective of 77.10, then of 77.30. A break through 76.40 will change this scenario.
