The spot rate is currently testing the upper limit of its short term downtrend channel at 83.55. A breakthrough of this zone will allow it to reach the upper limit of its medium-term bullish channel at 84.00.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken out its resistance level of 83.55 with a 1st objective of 84.00, then 84.20. A breakout at 83.40 will invalidate this scenario.
