The spot rate approaches to the upper limit of its medium term bullish channel at 84.00 suggesting a decline in the short term. However a breakthrough in that area will free up a significant potential for an upward trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken its resistance level at 84.00 with a 1st objective of 84.55, then 84.70. A breakout in 83.80 will invalidate this scenario.
