The spot rate has bounced off the lower limit of its medium-term bullish channel at 82.80 and subsequently broke through its intermediate resistance level to 83.10. It seems now a pullback will take place in this area before a resumption of bullish trend.
According to previous events, the market indicates a bullish opportunity on the levels of 83.10 with a 1st objective of 83.60, then 83.80. A breakout of 82.90 will invalidate this scenario.
