Sell USD within 115.60-115.34 | 07 February 2022

Technical observation

For two consecutive days price retraced to the resistance zone it established at 115.60-115.34 and it could not break below it, I expect a surge towards the supportive level 112.73 followed by either a clear breakout below it with a big red candle or a bounce at it followed by another correction to the zone mentioned above. My advice, pick short positions within the zone 115.60-115.34 with your take profit at 112.73 and stop loss at 116.84. In case of a bounce at the level 112.73, wait for another retracement to the zone 115.60-115.34 to re-sell USD, and should there be a clear break below the same line, wait for a pullback to it before you continue short towards the 109.23.

Trade recommendation

Sell USD within 115.60-115.34 with your take profit at 112.73.