Looking to sell within 113.86-113.78 | 17 December 2021

Technical Observation

On the 4 hour chart above, price did not rally upwards as I has predicted yesterday, in instead it declined and broke below the supportive zone 113.86-113.78 with a big red candle, right now price is trading with an increasing bullish bias below the just broken zone and my expectation is a bounce within the zone followed by a surge to the lower side. My advice, remain flat temporarily and short USD within the zone 113.86-113.78 with your take profit at 112.75 and stop loss at 114.34. In case there is a clear breakout below the level 112.75 with a big red candle, I expect a further surge to the lower supportive level 111.22.

Trade recommendation

Sell USD within 113.86-113.78 with your take profit at 112.75.