Expecting a rally to 116.34. | 10 March 2022

Technical observation

On the 4 hour chart above price rose and broke above the zone 115.78-115.72 with a big green candle, it then pulled back to the broken zone and both times it was sustained above the zone, as long as price is sustained above 115.78-115.72, I expect nothing but a momentum to the upper side. If you bought USD within the zone 115.78-115.72 after the second retracement, remain in the trade with your take profit at 116.34 and stop-loss at 115.41. If price is not sustained above the zone 115.78-115.72 but clearly breaks below it with a big red candle, I expect a momentum to the lower side towards the supportive zone 114.64-114.57.

Trade recommendation

Remain long with your take profit at 116.34.