Expecting a rally to 115.78 | 07 March 2022

Technical observation

On the chart above USD declined steadily to the supportive zone it established at 114.65-114.59 but it could not break below it, price bounced above the zone and as long as it is contained above it, I expect a momentum to the upper side. If you picked long positions within the supportive zone 114.65-114.59 after a bounce, remain in the trade with your take profit at 115.78 and stop –loss at 114.5. If price breaks above the level 115.78 with a big green candle I expect it to surge towards 116.34, however should there be a clear breakout below the zone 114.65-114.59 with a big red candle, I anticipate bearish movements the level 112.73.

Trade recommendation

Remain long with your take profit at 115.78.