The spot rate is starting a rebound on the lower limit of its short term downtrend channel at 83.20. The pair is now approaching its intermediate resistance level at 83.90. A breakthrough of this zone would allow the pait to achieve its resistance level at 84.40.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 83.90 with a 1st objective of 84.40, then 84.70. A breakout of 83.70 would invalidate this scenario.
