The spot rate is currently testing the upper limit of its medium term bearish channel in 104.60 suggesting a decline. However a break of these levels would free up 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 104.60 with a 1st objective of 105.20, then 105.40. A break in 104.40 would invalidate this scenario.