Forex Technical Analysis: Trend potential – Wait for a correction to the zone 135.30-135.20


Technical observation

On the hourly chart above price declined below the zone 135.30-135.20 with a big red candle the pulled back to it and it was sustained below the zone. As long as the value of USD is contained below the same zone, I expect it to surge steadily to the lower side. My advice, wait for a second correction to the zone I have mentioned above then pick short positions within it after a bounce with your take profit at the supportive level 133.29 and stop-loss at 135.81.On your way downwards the key levels to look for include, 133.29, 131.49 and the lower supportive level 129.63. I can only recommend long positions above the zone 135.30-135.20.

Trade recommendation

Remain flat.

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