Sell within 108.18-109.99 | 19 March 2020

Technical observation

Yesterday USD retraced to the resistance zone 108.18-109.99 and was contained below it with price closing at it. Today, possible bearish movements towards the supportive level 104.96 can be expected. Within the zone 108.18-109.99 is the ideal place to pick short position with your take profit at 104.96 and stop loss at 109.17, if this take profit is hit and there is a clear breach below it with a big red candle, further bearish price rally towards the key level 101.14 can be anticipated. On the daily chart above, as long as price is contained below the zone 108.18-109.99, only short positions can be advisable.

Trade recommendation

Sell USD within 108.18-109.99 with your take profit at 104.96.