We're bullish towards 107.82 | 08 July 2021

Technical observation

USD rose and broke above a resistance level 107.82 with a big green candle. It then retraced to the just broken line but could not penetrate below it, price was sustained above the level I have mentioned above and for several weeks now it has been rising steadily towards the resistance zone 114.76-114.42. If you bought USD at the level 107.82 after a bounce, remain long with your take profit at 107.82 and stop loss at 106.34. In case of a clear breakout above the zone 114.76 -114.42 with a big green candle, I expect the value of this pair to plummet further to the upper side after a correction to the just broken zone .

Trade recommendation

Remain long with your take profit at 107.82.