Forex Technical Analysis: Trend potential – Wait for a correction to re-sell USD.


Wait for a correction to re-sell USD.

Technical observation

USD is rallying on an increasing bullish momentum towards the resistance zone 111.57-111.36, my expectation is a loss of this movement within the above mentioned zone for possible bearish price rally towards 109.39.You can wait for the correction to 111.57-111.36 and a rejection within it to re-sell USD with your take profit at 109.39 and stop loss at 112.42. Continue short after a breakout below 109.39 followed by a correction to it confirming further bearish price rally. This pair is generally moving downwards so only bearish price rally can be anticipated. On your way downwards the key lines to look for include; 109.39, 106.73 and 104.61.

Trade recommendation

Wait for a correction to 111.57-111.36 to re-sell USD.

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