The spot rate is currently testing the upper limit of its medium-term bearish channel at 80.60 suggesting a decline. However a break of these levels would free up significant potential and initiate a new trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 80.60 with a 1st objective of 81.30, then 81.60. A break in 80.40 would invalidate this scenario.
