Wait for a correction to re-sell | 05 March 2020

Technical observation

On the daily chart above, price retraced to the lower trend line but was rejected at it and could not break above it. USD then declined towards a supportive level 106.75 and did not break below it. Yesterday price rose towards the same trend line indicated on the chart above but did not reach it and i expect more bullish movements today towards the line followed by a rejection at it to re-sell USD with my take profit at 106.75 and stop loss at 109.28. Should there be a clear breakout below the level 106.75 with a big red candle, I expect a retracement to it followed by a rejection for further bearish rally towards 104.43.

Trade recommendation

Wait for a correction to re-sell USD.