The spot rate is currently testing the upper limit of its medium-term bearish channel in 104.40 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 104.40 with a 1st objective of 105.00, then 105.20. A break in 104.20 would invalidate this scenario.