Wait | 16 September 2020

Technical observation

USD declined up to the supportive level 105.34 and is currently showing signs of penetrating below it. My expectation is a clear breakout below the above-mentioned level with a big red candle followed by a correction to it and a bounce for bearish movements of price towards the supportive level 104.29. My advice, wait for break below the line 105.34 followed by a pullback to it and a bounce to sell USD with your take profit at 104.29 and stop loss at 105.63. In case of a break below the line 104.29, the value of this pair could surge further to the lower side towards the lower supportive line 102.58.

Trade recommendation

Wait for a break below 105.34 to sell USD.