Remain short | 19 June 2019

Technical observation

USD corrected itself to a resistance zone it established around 108.71-108.59 but could not break above it and was rejected. Currently price is rallying on an increasing bearish momentum and I expect this movement to continue to the supportive level 107.90 followed by a clear break below it for a further surge to the lower side. If you sold USD within 108.71-108.59 after a bounce remain short with your take profit at 107.90 and stop loss at 109.13, continue short after a penetration below 107.90 and a retracement to it. On the 4-hour chart above, long position may only be advisable in case of a break above 108.71-108.59.

Trade recommendation

Remain short with your take profit at 107.90 and stop loss at 109.13.