Looking to sell within 105.22-105.16 | 26 October 2020

Technical observation

On the 4-hour chart above, price is rising steadily towards a resistance zone 105.22-105.16. I expect a loss of this upwards movement within the same zone for a momentum to the lower side. My advice, remain flat and wait for a correction to the zone 105.22-105.16 and a rejection within it to sell USD with your take profit at 104.12 and stop loss at 105.41. In case of a clear breakout above the zone 105.22-105.16 with a big green candle, wait for a correction to the just broken zone and a rejection within it confirming a momentum of price to the upper side before you pick long positions towards 106.16.

Trade recommendation

Wait for a correction to 105.22-105.16 to sell USD.