Sell USD within 115.59-115.41 | 09 February 2022

Technical observation

On the daily chart above price pulled back to the resistance zone it established at 115.59-115.41 but could not break above it and as long as it is sustained below this zone i expect a surge to the lower side. My advice, pick short positions within the zone I have mentioned above after a rejection of price with your take profit at 112.73 and stop loss at 116.36. In case of a clear breakout below the level 112.73 with a big red candle, I expect price to descend further a retracement to the broken line. On your way downwards the key levels to look for include 112.73, the supportive zone 109.23-109.05 and the lower supportive level 104.56.

Trade recommendation

Sell USD within 115.59-115.41 with your take profit at 112.73.