Our Expectations: USD/BGN after a breakaway of the horizontal support on levels about 1.80200, the price continues downwards. Now it made a correction till the same zone and if there's no breakaway, this will be a good place for a new short near the horizontal and diagonal resistances. The price remains in the bearish channel. Price action signal for a possible end of the correction is a pin bar on horizontal and diagonal resistances. Price right under 38.2% Fibo.
Alternative scenario: If the price goes and maintains position above 1.80200 it can change the outlook to long.
Commentary: The USD is hesitant against the EUR and there's a chance for the pressure against the greenback to continue.
50SMA above 200SMA - positive formation, confirming the movement.
DEM(14) in over-bought zone.
Senan Fuchedzhiev - Trader
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.