Wait | 24 March 2022

Technical observation

The pair on the daily chart has been on a steady upward trend for some time and it could still rise further. Yesterday price rose up to the highest level it last touched in January 2016 but it did not break above the line. Today I expect a correction to the supportive level 118.57 followed by a rejection at it to buy USD with my take profit at 121.38 and stop-loss at 117.29. In case of a clear breakout above the level 121.38 with a big green candle, further bullish movements of price can be anticipated after a correction to the broken line. I can only recommend bearish positions in case of a clear break below the supportive level 118.57.

Trade recommendation

Wait for a correction to the level 118.57 to buy USD.