Forex forecast / USD/BGN / Our expectations
Middle-term downward trend, short-term consolidation. The price broke the descending tendency when made higher bottom and entered in choppy market. Formed Head and Shoulders. If the price break above level 1.6740 the figure will be activated. Possibility for early entry with minimizing SL opportunity. Price action signal: Engulfing candle at levels of SMA 50 and diagonal support. Technical indicator: CCI(50) - above level 0 - when break level 100 the positive sentiment will strengthen.
Alternative scenario: If the price breaks below the diagonal support and SMA 50, the negative scenario will be dismissed.
SL: 1.6420
Trader Bozhidar Arabadzhiev
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