The spot rate is now testing the upper limit of its medium term bearish channel at 77.00 and seems to initiate a decline. However, passing these levels will free up significant potential and initiate a bullish trend.
Technical signals indicate a rebound in the short term.
According to previous events, the market will suggest a bullish opportunity, as soon as the spot rate will break through its resistance at 77.00 with the 1st objective of 77.40, then of 77.60. A break through 76.80 will invalidate this scenario.
