The spot rate has bounced off the lower limit of its medium-term bullish channel at 83.90 and approached the upper limit of its trading range short-term at 84.20. A breakout of this zone will lead to an acceleration towards the upper limit of the bullish channel at 84.60.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken its resistance in 84.20 with a 1st objective of 84.60, then 84.80. A breakthrough of 84.00 will invalidate this scenario.
