The spot rate has approached the upper limit of its medium-term downtrend channel at 83.30 suggesting a decline in the short term. However a breakout in that area will release a significant potential and begin a new trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken its resistance of 83.30 with a 1st objective of 83.80, then 84.40. A breakout in 83.10 will invalidate this scenario.