Remain long | 26 May 2020

Technical observation

On the hourly chart above, price penetrated above a resistance line 107.82 with a big green candle then retraced to it. Price however bounced at the line and is currently trading with an increasing bullish momentum. I expect this upward movement to continue to the resistance line 108.54 followed by a possible penetration above it for further bullish price rally of this pair. If you bought USD at the key level 107.82 after a rejection, remain long with your take profit at 108.54 and stop loss at 107.65. As long as price is contained above the line 107.82, we can only anticipate bullish movements of USD.

Trade recommendation

Remain long with your take profit at 108.54.