The spot rate came to test the upper limit of its medium-term bearish channel at 83.10 and declined. It is currently testing the intermediate support of this one to 82.20 suggesting a rebound. However a break of these levels would entail a return to the lower limit of its channel to 81.50.
According to previous events, the market indicates a bullish opportunity on the levels of 82.20 with a 1st objective of 82.90, then 83.10. A break in 82.00 would invalidate this scenario.
