The spot rate is currently testing the upper limit of its medium term bearish channel at 80.80 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 80.80 with a 1st objective of 81.50, then 81.80. A break in 80.60 would invalidate this scenario.
