Technical Observation:
Recently, we witnessed a possible false break above 109.17; the USD broke above it, but is now below it. On the 4 hour Chart above, a short position towards 108.26 is looming. I’m short in this pair with my SL above the Friday’s highest high, 109.49 and my TP at 108.26.
A bearish breach below 108.26 will push the price towards 106.62.
Technical levels:
Resistance levels
R1: 109.68
R2: 109.97
R3: 110.74
Pivot Point
109.2
Support Levels
S1: 107.66
S2: 108.43
S3: 108.91
Trade Signal
Short USD towards 108.26
