USD/BGN Our expectations - Breakthrough of a strong level of support - price of horizontal and diagonal resistance - possibility to sell dollars or short positions with stop 1.75
Alternative Scenario: If the price rises above the four-hour resistances and successfully closes a bar and tests - this scenario will be spoiled and the dollar increase will continue
Commentary: Short-term downward trend. Breakthrough at a strong level of support and test of the new resistance - at these levels is also 38.2% Fibonacci of movement, measured from the peak April 26 to the bottom of May 1, making the area even more significant.
The continuing US-China trade strain makes investors sell dollars that are too risky in such a market. The preferred currency is the yen, and the weakness of the dollar is expected to continue until a trade deal is reached - which is unlikely to happen in the near future. Today, at 15:30, we expect inflation data in the US, with weaker dollars further falling.
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