We're short towards 103.97 | 27 October 2020

Technical observation

On the daily chart above, price trading with an increasing bearish momentum between a resistance zone 106.07-105.88 and a supportive level 103.97. I expect this bearish movement to continue to the supportive level followed by a clear breakout below it with for a surge to the lower side. If you are currently short with pair, remain in the trade with your take profit at 103.97 and stop loss at 106.95. In case of a break below, 103.97 wait for a retracement to it before you continue short towards the level 101.98. In case of a clear breakout above 106.07-105.88, you can anticipate a momentum to the upper side.

Trade recommendation

Remain short with your take profit at 103.97.