We're flat | 11 March 2021

Technical observation

This week USD has been trading with an increasing bullish bias, however, I expect bearish rally towards the supportive zone it established at 104.97-104.66 followed by a bounce within it to pick long positions. My advice, wait for a correction to the zone 104.97-104.66 and a bounce within it to buy USD with your take profit at 114.80 and stop loss at 102.48. In case of a penetration above the line 114.80 with a big green candle, I expect price to surge further to the upper side towards the key level 121.34. O the weekly chart above, as long as price is contained above the zone 104.97-104.66 I can only recommend bullish positions for USD.

Trade recommendation

Remain neutral.