Forex Technical Analysis: Trend potential – Buy USD within 131.79-131.50


Technical observation

USD declined steadily to the supportive zone it established at 131.79-131.50 and currently it is still trading within the same zone with an increasing bearish bias. Today I expect a loss of this downwards movement within the zone followed by a surge in price to the upper side. My advice, buy a bounce within 131.79-131.50 with your take profit at 136.61 and stop-loss at 129.49. A further rally towards the level 139.37 can be expected in case of a clear break above level 136.61. If price clearly breaks below the zone indicated above, I expect it to decline towards the supportive level 126.36 or even lower to the level 121.29.

Trade recommendation

Buy USD within 131.79-131.50 with your take profit at 136.61.

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