still short towards 104.96 | 21 April 2020

Technical observation

Since its rejection within the resistance zone 107.99-107.86, USD has been declining at a snail pace, however, this bearish movements is still expected towards the supportive level 104.96. If you sold this pair within the zone 107.99-107.86, continue short with this pair with your take profit at 104.96 and stop loss at 108.86. If this take profit is hit and there is a clear penetration below it, continue short with this pair towards the key level 102.28 after a correction to the just broken line. As it is on the daily chart above, as long as price is contained below 107.99-107.86 only short positions can be recommended.

Trade recommendation

Remain short with your take profit at 104.96.