Forex Technical Analysis: Trend potential – Remain flat.


Technical observation

USD did not decline as I had anticipated but instead rose and broke above the zone 135.43-135.30 with a big green candle; it then went up for a while and currently price is trading with an increasing bullish bias between the zone mentioned above and a resistance level 136.66. My advice, as it is on the chart above remaining neutral is idea than picking any position, in case of a surge to the zone mentioned above, buy a bounce within it with your take profit at 136.66 and stop-loss at 134.61, remain long after a clear breakout above the level 136.66. If price clearly breaks below the zone 135.43-135.30, wait for a correction to it and a bounce before you pick short positions.

Trade recommendation

Remain flat.

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