Remain flat | 03 June 2020

Technical observation

USD went above a resistance zone 107.89-107.99 with a big green candle and as long as it is contained above the zone, we can only expect bullish movements of price. USD is currently pulling back to the just broken zone and I expect a rejection within it for bullish price movements towards the key level 109.22. My advice, remain flat temporarily and wait for a retracement to the just broken zone and a rejection within it to buy USD with your take profit at 109.22 and stop loss at 107.39. Should there be a clear breach above the level 109.22, I expect a further move upwards towards 111.60.

Trade recommendation

Remain flat temporarily.