Wait | 07 April 2022

Technical observation

On the hourly chart above, price broke above a zone 123.11-123.02 then went up and for some time now it has been consolidating between the same zone and a resistance level 124.69. However, I expect a correction to the zone I have mentioned above followed by a rejection within it to pick long positions with my take profit at 124.69 and stop loss at 122.37. In case USD rises above the level 124.69, I anticipate a further momentum to the upper side after a pull back to the broken level ; however, in case of a break below the supportive zone indicated above, I expect the value of this pair to plummet towards the level 121.36.

Trade recommendation

Remain neutral.