Pick long positions within 115.08-115.01 | 01 February 2022

Technical observation

USD retraced to the supportive zone it established at 115.08-115.01 for a second time but could not break below it and as long as it is sustained above this zone I expect bullish movements towards the resistance line 116.35. My advice, pick long positions now within the zone 115.08-115.01 with your take profit at 116.35 and stop loss at 114.57. In case of a clear breakout above the level 116.35 with a big green candle, wait for a pullback and a rejection at it before you continue long with this pair, on the other hand in case of a clear break below the zone 115.08-115.01 with a big red candle, I expect price to surge towards 112.76.

Trade recommendation

Buy USD within the zone 115.08-115.01 with your take profit at 116.35.