Sell USD now within the zone 130.81-130.56 | 31 January 2023

Technical observation

USD pulled back to the resistance zone 130.81-130.56 but did not rise above, and currently it is trading with an increasing bearish bias within the same zone. As long as price is sustained below the zone I have mentioned above, I expect a continuation of this bearish movement and in case you are already short with this pair, I recommend that you remain in the trade with your take profit at 125.14 and stop-loss at 132.05. If there is a clear break below the supportive level 125.14, I expect price to plummet further towards the level 120.60 or lower. On the chart above, I can only recommend bullish positions above the zone 130.81-130.56.

Trade recommendation

Sell USD now within the zone 130.81-130.56 with your take profit at 125.14.