Forex Technical Analysis: Trend potential – Sell USD within 109.99-109.76


Sell USD within 109.99-109.76

Technical observation

USD established a resistance zone around 109.99-109.76 and is currently rallying within it, bearish momentum of price towards 107.37 and a possible breakout below it followed by further bearish movement towards 104.65 can be expected. Sell this pair within the above mentioned zone after a rejection with your first take profit at 107.35 and the next at 104.65 and your stop loss at 110.97.Should there be a clear breakout above 109.99 followed by a correction to it then bullish price rally towards 112.50 can be expected. In case of a breach above 112.50, more bearish momentum of the pair on the daily chart above can be anticipated.

Trade recommendation

Sell USD within 109.99-109.76 with your take profit at 107.35 and stop loss at 110.97.

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