We're neutral | 29 June 2021

Technical observation

USD is trading with an increasing bullish bias below a resistance level 111.04; my expectation is either a rise to the level followed by a clear breakout above it with a big green candle, or another correction to the supportive zone 109.77-109.71. In case of a breakout above the level 111.04, wait for a correction to it and a bounce confirming a further momentum to the upper side before you pick long positions, and should there be a retracement to the zone 109.77-109.71, buy a bounce within it with your take profit at 111.04 and stop loss at 109.30. As long as USD is contained above the zone 109.77-109.71, I can only recommend bullish positions for this pair.

Trade recommendation

Remain neutral.