Wait for a breakout above the zone 114.35-114.00 | 19 November 2021

Technical observation

On the weekly chart above, price has been trading with an increasing bullish bias on the resistance zone it established at 114.35-114.00, I expect a continuation of this upwards movement followed by a clear break breakout above the zone with a big green candle. Right now as it is remaining neutral is ideal than picking any positions. My advice, wait for a clear break above the zone 114.35-114.00 then buy USD within it after a second retracement and a rejection at it with your take profit at 125.80 and stop loss at 112.22. As long as price remains above the zone I have mentioned above, I can only recommend bullish positions for this pair.

Trade recommendation

Remain flat.