Technical analysis
Albert Fitoussi
The spot rate is currently testing the intermediate resistance of its medium term bearish channel in 103.50 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 104.70.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 103.50 with a 1st objective of 104.30, then 104.50. A break in 103.20 would invalidate this scenario.
http://instaforex.com/forex_analysis/39418/?x=OUE
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