reversal at 1.2160 signals a prolonged consolidation pattern and
despite the positive intraday bias there is still a chance for a dip to
1.2090 before renewal of the general uptrend towards 1.2500. Key
intraday support lies at 1.2217.
intraday bias is bearish after the reversal at 26150, with a risk of a
dip to 25800 area before renewal of the general uptrend
towards 26300. Crucial on the upside is 26075 and it is
currently a trigger for the expected rise.
Where will the market go?
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Our Financial Analyst at Deltastock, Stoyan Mihaylov has an eight-year background
as a senior FX Dealer, trading spot and outright forwards. Since May 2006, Stoyan
has been providing daily, weekly and mid-term analyses on the Foreign Exchange Market.
He has also been reading lectures on FX Fundamental and Technical Analyses in major
Bulgarian Universities. Stoyan Mihaylov has graduated MBA in the University of Economics
– Varna, Bulgaria.
These analyses are for information purposes only. They do not post a buy or sell recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources.
The forecasts made are based on technical analysis. However, Deltastock's Analyst Deptartment also takes into consideration a number of fundamental and macroeconomic factors, which we believe may impact the price moves of the observed instruments.
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