Wait | 11 June 2020

Technical observation

USD is still rally below the zone it recently broke below 107.98-107.89 with an increasing bearish bias. I however anticipate a pullback to the zone mentioned above and a rejection within it for a surge to the lower side. My advice, wait for a correction to the zone 107.98-107.89 and a bounce to place sell orders with your take profit at 106.00 and stop loss at 108.28. On your way downwards, the key levels to look for include 106.00, 103.49 and 101.55. On the 4-hour chart above, as long as price is contained below the resistance zone 107.98-107.89, only short positions look ideal and can be recommended.

Trade recommendation

Wait for a pullback to 107.98-107.89 to sell USD.