We're short within 109.74-109.62 | 02 March 2020

Technical observation

Last week, USD penetrated below a supportive zone 109.74-109.62 with a big red candle and is still showing signs of declining even further. You can wait for a retracement to the just broken zone and a rejection within it to short USD. On your way downwards, the key levels to look for include 107.96, 106.63 and 104.45. My advice, sell USD within 109.74-109.62 after a correction and bounce within it with your take profit at 107.96 and stop loss at 110.41. As long as price is contained below the zone 109.74-109.62, only bearish movements can be anticipated. Long positions can only be recommended above 109.74-109.62.

Trade recommendation

Sell USD within 109.74-109.62 with your take profit at 107.96.