Technical observation
On the chart above, there was a false breakout below the supportive zone 109.58-108.54 with a big red candle, however, price was not contained below the zone and instead it broke above the same zone with a big green candle then rose steadily for some time. Right now USD is trading with an increasing bearish bias between the supportive zone I have mentioned above and a resistance level 110.36; I expect a continuation of this bearish movement to the same zone followed by a rejection within it to buy USD with my take profit at 110.36 and stop loss at 109.39. I can only recommend short positions below the zone 109.58-108.54.
Trade recommendation
Wait for a correction to the zone 109.58-108.54 to buy USD.
Origin: FreshForex
