Remain flat | 07 January 2019

Technical observation

USD has been declining steadily towards the support level 107.82, right now price is rallying around it and my expectation is either a clear penetration below it with a big red candle, or a bounce at it followed by a correction to the zone 114.78-114.06, In case you sold this pair within 114.78-114.06 you can pick your profits now at 107.82. If you had not sold this pair yet, you can wait for either a breakout below 107.82 followed by a correction to it to sell USD with your take profit at 100.03 and stop loss at 110.32, or a correction to 114.78-114.06 and a bounce within it to re-sell USD with your take profit still at 107.82 and stop loss at 117.50.

Trade recommendation

Remain flat.

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