The spot rate is moving in a medium-term trading range and approaching the upper limit of this one at 77.30 suggesting a decline. However, a break of these levels wil initiate a bullish trend.
Technical indicators don't give clear signals but approaching the overbuy zone suggests a decline.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will break through its resistance at 77.30 with the 1st objective of 77.70, then at 77.90. A break of 77.10 will invalidate this scenario.
