As we can see, the spot rate is currently checking the intermediate resistance of its medium term bearish channel at 97.10 and seems to initiate a decline. However, a break through these levels will release good potential and will be able to reach the upper limit of this one to 97.50.
Technical indicators do not provide clears signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 97.10 with the 1st objective at 97.50 and then at 97.70. A break through 96.90 will invalidate this scenario.