Recently, a breakout was observed when USD went below the bearish flag and is still rallying below it. Following the retracement towards 111.35, I expect further decline towards 109.73 and may decline further low. On the 4 Hour chart above, sell orders seems more ideal and can be recommended unless 111.35 is clear breached to the upper side by a big green candle. This being the case, an ascend towards 114.35 seems more ideal.
Technical levels:
Resistance levels
R1: 111.36
R2: 111.48
R3: 111.69
Pivot Point
111.27
Support Levels
S1: 110.86
S2: 111.07
S3: 111.15
Trade Signal
Short USD towards 109.73
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
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Imelda Maseno
Analyst of «FreshForex» company
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