The spot rate approaches the upper limit of its medium-term bearish channel to 83.80 suggesting a decline in the short term. However a break of these levels would free up significant potential and begin a rising trend.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 83.80 with a 1st objective of 84.50, then 84.80. A break in 83.60 would invalidate this scenario.