Remain flat | 11 September 2020

Technical observation

USD is trading below a resistance zone 106.46-106.39 with an increasing bullish bias. I expect this bullish movement to continue to the above-mentioned zone followed by a clear breakout above it with a big green candle. However, there is still a possibility of a bounce within the same zone. Remain flat with this pair and wait for a penetration above the zone 106.46-106.39 with a big green candle followed by a retracement to it and a rejection to buy USD with your take profit at 107.38 and stop loss at 106.01. In case there is no break above 106.46-106.39, pick short position within it but not for long.

Trade recommendation

Remain flat.