We're bullish toward 104.53 | 11 January 2021

Technical observation

Since its penetration above the zone 103.31-103.27, USD rose tremendously and penetrated above two supportive levels 103.70 and 104.04 respectively. Price then retraced to the level 104.04 after the break and is currently trading with an increasing bullish bias. I expect this bullish movement to continue to the resistance line followed by either a clear breakout above it with a big green candle or a bounce at it followed by another retracement to the supportive level 104.04. My advice, if you bought USD at the line 104.04 after a bounce remain long with your take profit at 104.5 and stop loss at 103.90.

Trade recommendation

Remain long with your take profit at 104.53.