The spot rate approaches to the upper limit of its medium-term bearish channel in 107.10 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 107.10 with a 1st objective of 107.80, then 108.10. A break in 106.90 would invalidate this scenario.

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