The spot rate is currently testing the upper limit of its medium term trading range at 78.60 and seems to start dropping. But a puncture of these levels will free significant potential and initiate a bullish tendency.
Technical indicators do not provide sell-signals, through they still evolve in overbought zone suggesting a decrease shortly.
Amid the previous news, the market will indicate a bullish opportunity as soon as the spot rate will pass its resistance at 78.60 with the 1st target of 79.20, and then of 79.50. A break through 78.40 will cancel this scenario.
