Remain flat | 13 April 2022

Technical observation

On the 4 hour chart above price rose significantly to the upper side and broke above the resistance level 124.71 with a big green candle, it then retraced to the just broken line and it was sustained above it, as long as this pair is sustained above the level 124.71, I expect a possible momentum to the upper side. My advice, remain flat and wait for a second correction to the level mentioned above to buy USD towards 125.75. If price is not contained above the level 124.71 but clearly breaks below it with a big red candle, a momentum to the lower side can be expected after a correction to the broken line followed by a rejection at it.

Trade recommendation

Remain neutral.