We're bullish towards 110.74 | 06 September 2021

Technical observation

USD declined towards the supportive zone 109.55-109.52 but could not break below it; price bounced above the zone and is currently trading with an increasing bullish bias. I expect a continuation of this bullish movement to the key level 110.74 followed by either a clear breakout above it with a big green candle, or a rejection at it followed by another correction to the zone I mentioned above. My advice, if you bought USD around the level 109.55 after a bounce, remain long with your take profit at 110.74 and stop loss at 109.29. In case of a clear breakout below the zone 109.55-109.52 with a big red candle, I expect bearish rally towards 108.75.

Trade recommendation

Remain long with your take profit at 110.74.