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