The spot rate approaches the upper limit of its short-term bearish channel in 108.70 suggesting a decline. However a break of these levels would 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 108.70 with a 1st objective of 109.40, then 109.60. A break in 108.50 would invalidate this scenario.