short towards 126.78 | 27 March 2023

Technical observation

USD has been trading with an increasing bearish momentum with the past three consecutive candles and today I expect it to surge further to the lower side. If you are holding bearish positions with this pair, my advice is, remain in the trade with your take profit at 126.78 and stop-loss at 142.07. In case of a decline below the level 126.78, I expect the price to descend further and the key levels to look for on your way downwards are 112.70 and the level 102.50. However, in case of a break above the resistance zone 138.67-137.90, I anticipate possible bullish movements of price towards the resistance level 151.97 or higher.

Trade recommendation

Remain short with your take profit at 126.78.