Still short | 04 March 2020

Technical observation

USD declined as was predicted yesterday and I still expect this bearish movement to continue towards the key level 106.75. If you sold this pair at the lower trend line as indicated on the daily chart above, remain short with your take profit at 106.75. If this take profit is hit and there’s a clear breakout below it with a big red candle, wait for a correction to the just broken level and a rejection at it before you continue short with this pair with your take profit at 104.43 and stop loss at 107.49. If you are currently neutral, remain so and wait for a break below 106.75 and a retracement to it to sell USD.

Trade recommendation

Remain short with your take profit at 106.75.