Forex Technical Analysis: Trend potential – Remain short with your take profit at 126.78.


Technical observation

USD bounced within the zone it established at 138.64-137.90 and since then it has been trading with an increasing bearish bias. Today I expect a continuation of this downwards movement and in case you are currently holding short positions with the pair above, I recommend that you remain in the trade with your take profit at 126.78 and stop-loss at 142.61, if there is a clear break below the level 126.78, I expect the value of USD to descend further and my advice is that you wait for a pullback and a rejection at the broken level before you continue short with this pair towards the key levels 112.70 and 102.50 or lower.

Trade recommendation

Remain short with your take profit at 126.78.

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