Remain flat | 16 March 2021

Technical observation

Since it broke above the zone 104.97-104.66, USD has been rising steadily for several weeks now and currently it is trading with an increasing bullish bias between the zone and a key level 114.80. However, I expect a loss of this upwards movement followed by a correction to the zone mentioned above to pick long positions. In case of a breakout above the line 114.80 with a big green candle, you can anticipate further bullish movements of the value of this pair towards the upper resistance level 121.34. As long as USD is contained above the zone 104.97-104.66, only bullish positions can be recommended for this pair.

Trade recommendation

Remain flat.