We are short towards 126.78. | 30 March 2023

Technical observation

Since it bounced within the resistance zone 138.67-137.90, the value of the pair above has been trading with an increasing bearish bias and today I expect it to decline even further. In case you are currently holding short positions with this pair, I recommend you remain in the trade with your take profit at the supportive level 126.78 and stop-loss at 142.44. Should there be a break below the level 126.78, I expect the price to plummet further towards the key levels 112.70 and 102.50 or lower. On the daily chart above, as long as the price is sustained below the zone 138.67-137.90, I can only recommend short positions for USD.

Trade recommendation

Remain short with your take profit at 126.78.