The spot rate approach to the intermediate resistance of its medium-term bullish channel in 112 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 112.90.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 112 with a 1st objective of 112.60, then 112.90. A break in 111.80 would invalidate this scenario.