We're short | 31 December 2020

Technical observation

On the chart above, price is trading below a resistance line 103.24 with an increasing bearish bias; price recently broke below the same line then retraced to it and was contained below it. I expect this bearish rally to continue to towards 102.75. If you sold this pair at the line 103.24 after a bounce, remain short with your take profit at 102.75 and stop loss at 103.46. As long as USD is contained below the line 103.24, you can only anticipate a momentum to the lower side, however, in case of a break above the resistance line with a big green candle, i expect bullish movements of price after retracement 103.24.

Trade recommendation

Remain short with your take profit at 102.75.