The spot rate is currently testing the upper limit of its medium term bearish channel in 77.10 and seems to start a decline However a break of these levels would release significant potential and initiate a new trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 77.10 with a 1st objective of 77.80, then 78.10. A break in 76.90 would invalidate this scenario.