Remain short with your take profit at 106.47. | 19 July 2019

Technical observation

On the daily chart above price is trading towards a supportive level 106.47 on an increasing bearish bias. USD was rejected within a resistance zone 108.86-108.67 and I still expect more of this downwards movement towards the line 106.47 followed by a clear penetration below it. If you went short within the zone mentioned above after a bounce, hold on to that position with your take profit at 106.47 and stop loss at 109.61. In case of a penetration below 106.47, wait for a correction and a rejection at it confirming further downwards movement before you continue short with this pair towards the key level 104.61.

Trade recommendation

Remain short with your take profit at 106.47.