The spot rate approaches the lower limit of its medium-term bullish channel at 83.20 suggesting a rebound from this level. However a break of this zone would free a large potential downside and initiate a new trend.
According to previous events, the market indicates a bullish opportunity on the level of 83.20 with a 1st objective of 83.90, then 84.10. A breakout of 82.90 will invalidate this scenario.
