The spot rate has declined sharply this morning and thereafter made a rebound . However as the intermediate resistance of its long-term bearish channel at 82.60 will not be broken the upside will be limited.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 82.60 with a 1st objective of 84.00, then 84.40. A break in 82.30 would invalidate this scenario.
