Remain flat temporarily. | 13 November 2020

Technical observation

On the hour chart above, price is approaching the supportive level 104.91-104.96 and I expect a loss of this bearish movement within the same zone for a rise in price. My advice, remain flat temporarily and wait for a correction and a bounce within the zone 104.91-104.96 to buy USD with your take profit at 105.70 and stop loss at 104.68. In case there is a clear break above the line 105.70 with a big green candle, I expect this pair to rise towards the key level 106.58 or even higher to the level 107.40. As Long as USD is contained above 104.91-104.96, only bullish positions look ideal and can be advisable.

Trade recommendation

Remain flat temporarily.