Remain flat | 01 August 2019

Technical observation

On the daily chart above USD went up a resistance zone 108.87-108.68 and is still showing signs of rising even further above it. Wait for a correction to the just broken zone and a rejection within it to buy USD with your take profit at 111.01 and stop loss at 108.02. In case price is not rejected within the zone but clearly penetrates below it with a big red candle then the breach above 108.87-108.68 was false and bearish movements of this pair can be expected after a correction to the zone, however, as long as USD is contained above zone 108.87-108.68 only long positions look ideal and may be advisable.

Trade recommendation

Remain flat.