The spot rate is currently testing the upper limit of its medium term bearish channel in 78.00 and seems to initiate a decline. However a break of these levels would free up significant potential and initiate a bullish trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 78.00 with a 1st objective of 78.50, then 78.80. A break in 77.80 would invalidate this scenario.
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