The spot rate is moving in a medium-term trading range and approaching the upper limit of this one at 78.30 suggesting a decline. However, a break of these levels will initiate a bullish trend.
Technical indicators give sell-signals suggesting a decline in the short term.
According to the recent events, the market will indicate a bullish opportunity as soon as the spot rate will break its resistance at 78.30 with the 1st objective of 78.70, and then of 78.90. A break through 78.10 will invalidate this scenario.
