The spot rate is currently testing the upper limit of its medium-term bearish channel in 111.60 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 111.60 with a 1st objective of 112.40, then 112.60. A break in 111.40 would invalidate this scenario.