Wait for a breakout | 29 July 2020

Technical observation

The pair on the weekly chart above is trading with an increasing bearish momentum above a supportive zone 105.02-104.41. I expect a decline to the above-mentioned zone followed by a clear breakout below it with a big red candle. My advice, wait for a clear breakout below the zone 105.02-104.41 with big red candle followed by a correction to it and a bounce to sell USD with your take profit at 96.11 and stop loss at 107.14. On your way downwards the ley levels to look for are; 96.11, 87.36 and 78.39. On the chart above, in case of a rejection within the zone 105.02-104.41, buy USD within the zone.

Trade recommendation

Wait for a breakout below 105.02-104.41 to sell USD.