Wait | 12 November 2020

Technical observation

USD I retracing to a supportive zone 104.96-104.91, I expect a loss of this bearish movement within the zone to re-buy USD with my take profit at 105.70 and stop loss at 104.61. On the way upwards, you can anticipate a clear breakout above the key level 105.70 with a big green candle followed by a correction to it for a further rise in price towards the resistance line 106.58. On the 4-hour chart above, as long as price is contained above the supportive zone 104.96-104.92, you can only anticipate a momentum to the upper side. Short positions can only advisable in case of a clear break below 104.96-104.91.

Trade recommendation

Wait for a correction to 104.96-104.91 to buy USD.