Forex Technical Analysis: Trend potential – Remain short towards 106.58.


Remain short towards 106.58.

Technical observation

Yesterday USD could not penetrate above 108.90-108.72, price bounced within it and is currently rallying on an increasing bearish momentum towards the key level 106.58.In case of a breach below the level, wait for a confirmation of further bearish price rally before you continue short with USD, but should there be a rejection at it, wait for a correction to the resistance zone 108.90-108.72 and a rejection within it to re-sell USD. If you picked short positions yesterday within 108.90-108.72, remain in the trade with your take profit at 106.58 and stop loss at 109.76.If you had not sold USD yet, remain flat and wait for another correction to 108.90-108.72.

Trade recommendation

Remain short towards 106.58.


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