Remain short | 10 August 2020

Technical observation

On the chart above price is trading with an increasing bearish momentum below a resistance zone 106.09-105.92. I expect this bearish movement to continue to the supportive line marked at 103.07 followed by a clear breakout below it for a further surge to the lower side. My advice, if you sold this pair within the resistance zone mentioned above after a rejection, remain short with your take profit at 103.07 and stop loss at 106.59. Should there be a clear breakout above the zone 106.09-105.92 with a big green candle, wait for a correction to the just broken zone and a rejection before you buy USD towards 107.39.

Trade recommendation

Remain short with your take profit at 103.07.