We're flat | 03 March 2021

Technical observation

Following its rejection within the supportive zone 104.78-104.58, USD rose up to the resistance line 106.94 as I had anticipated but could not break above it. I expect another correction to the zone mentioned above and a bounced within it to re-buy this pair; however, price can still break above the line 106.94. If this is the case, wait for a pullback to it and a bounce confirming bullish movements of price before you pick long positions towards the key level 109.58. In case of a retracement to the zone 104.78-104.58, buy USD within it after a bounce with your take profit still at 106.96 and stop loss at 103.09.

Trade recommendation

Remain flat.