USD/BGN - Good levels to purchase U.S. dollars

USD / BGN is on good levels of support that has already passed the sellers test and now there are prospects for a new rise - the dollar's appreciation in the short term.

The price has jumped from levels of horizontal and diagonal support, where 200 periodicals are also in place, and it is good to note that despite the few tests, there is no bar closure on a 4 hour chart below. This support area is so important because there is a 50% Fibonacci correction of the upward movement.

I expect a downward corrective movement in the short run to reach the purchase area around 1.7175, after which the upward trend will resume. First diagonal resistance around 1.7283, as a breakthrough and test there means that the price is likely to rise to the horizontal resistance at 1.7357.

As the Bulgarian lev is on a currency board with the euro, the behavior of the common currency will directly affect this trade.

EUR / USD bounced again from 200 weekly timetables - a very strong level of support. Expectations by the end of this calendar year are that the Fed will likely raise interest rates in the country that will accumulate purchases and raise green dollars.

The medium-term trend keeps short (in support of the dollar), with the price trend showing us the formation of ever-lowering peaks.

We are expecting data on jobs in the United States on Friday, with forecasts for strong employment figures again. This will give additional support to the dollar.

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