We're flat | 01 April 2021

Technical observation

Since it broke above the line 109.23 with a big green candle, USD has been rising steadily above the supportive level 109.2. However, right now it is trading with an increasing bearish bias; this downwards movement is an anticipated correction to the level 109.23. I expect a momentum to the lower side to the key level 109.23 followed by a bounce at it to buy USD. My advice, remain flat and wait for a correction to the line 109.23 and rejection at it to buy USD with your take profit at 112.07. In case of a break above the line 112.07, wait for a correction to it and a bounce before you continue bullish with this pair.

Trade recommendation

Remain flat.