Since yesterday the spot rate has been testing the upper limit of its medium-term downtrend channel at 83.30, suggesting a decline in the short term. However, a breakthrough of that area will free up a significant potential.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken out its resistance in 83.30 with a 1st objective of 83.80, then 84.40. A breakthrough of 83.10 will invalidate this scenario.
