We know that this is a wave 4 and that the current movement could be the fifth wave of the bull market started in the middle of 2011, however we believe that a new violent upward ripping will unlikely happen in the short term.
The RSI has exceeded 80 on a daily scale (above 70 on a weekly scale) and this, in May 2012 and September 2011, has intercepted the tops. At 2.11, the upward trend of 2011 would be 100% matched. At 2.08 we can find the 50% of retracement of the 2009-2011 bear market.
A break of this resistance would facilitate USDBRL to rise up to 2.20, but then the long-term downward trend would be compromised.