Sell USD now within the zone 138.67-137.90 | 19 May 2023

Technical observation

USD retraced to the resistance zone 138.67-137.90 for the third time but still could not break above it, instead the price bounced within the same zone and it is currently trading with an increasing bearish bias. Today I expect a further rally to the lower side and I recommend that you pick short positions now within the zone indicated above with your take profit at 126.78. In case of a clear break below the level 126.78, I anticipate a possible momentum towards the lower supportive levels 112.70 and 102.50. On the chart above, bullish positions can only be recommended in case of a break above the zone 138.67-137.90.

Trade recommendation

Sell USD now within the zone 138.67-137.90 with your take profit at 126.78.