Wait for a breakout below 105.52 | 22 March 2018

Technical observation

USD has been trading below a key resistance zone (108.06-107.78),currently price is around a key line 105.52 and I expect a breakout below it for bearish movement of price towards the key line 102.85 or even lower to 100.07 if there’s a breakout below 102.85.My advice, wait for a breakout below 105.52 and a correction and rejection of price within or around it then sell USD with your take profit at 102.85 and stop loss around 106.12.In case there’s a clear breach of price above the zone (108. 06-107.78) with a big green candle, wait for a correction to the zone before you enter long positions towards the key line 114.33.

Technical levels

Resistance levels

R1.106.34

R2.106.64

R3.107.27

Pivot

106.05

Support levels

S1.105.71

S2.105.38

S3.104.74

Trade signal

Wait for a breakout below 105.52 to short USD towards 102.85 and stop loss around 106.12.