Forex Technical Analysis: Trend potential – Remain neutral temporarily


Remain neutral temporarily

Technical observation

On the daily chart above, USD continues to rise towards the resistance zone 109.94-109.76 and my expectation is nothing but a rejection of it within the zone followed by bearish momentum. I am waiting for the correction to the above mentioned zone and a bounce within it to sell USD with my take profit at 107.52 and stop loss at 110.99, should there be a clear penetration below 107.52 then I expect this pair to plummet further towards 104.63.The general trend for this pair is downwards so only short positions may be recommended. Right now I will remain neutral temporarily and wait for the close within 109.94-109.76 to sell USD.

Trade recommendation

Remain flat temporarily.

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