Remain flat temporarily. | 09 January 2019

Technical observation

For the past days USD has been rising steadily towards the resistance zone 109.85-109.5 and I expect a loss of this bullish momentum within the above mentioned zone followed by possible bearish price rally towards 107.50, my advice, remain flat temporarily and wait for a close within 109.85-109.5 to sell USD with your take profit at 107.50 and stop loss at 110.74.In case there is a clear penetration below 107.50 then more bearish movements will be expected towards 104.61. Should there be a clear penetration above 109.85-109.5 with a big green candle then bullish price rally towards the resistance level 111.84 can be anticipated.

Trade recommendation

Remain flat temporarily.

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