We're flat | 24 November 2020

Technical observation

Yesterday price did not rally downwards as I predicted, instead, it went up with a big green candle penetrating above a key level 104.11. Right now USD is trading above the just broken line with an increasing bearish bias and I expect this downward movement to continue to the line 104.11 followed by a bounce at it for bullish movements. My advice, remain flat and wait for a correction to the line 104.11 and a bounce at it to buy USD with your take profit at 104.91 and stop loss at 103.87. Should there be a clear penetration above the zone 104.96-104.91, you can expect a further rise in price towards 105.70.

Trade recommendation

Remain flat.