Few days ago, the US Dollar rose above the envelopes indicator but is still below the zone 109.401-109.225. While the price remains below this zone, we are waiting for a clear rejection from it to pick a possible long term sell position. The anticipated bearish price rally is the continuation of the impulsive wave (c) to the lowerside and should breakout below 107.775 towards 106.155. On flipside, should the price breakout above 109.401, then this will be a good place to consider a possible long term buy position towards 110.610.
Sell a rejection from 109.401-109.225 towards 107.775.