ExoticTrading is a series of analyzes, which is created in collaboration with the broker InterTrader and is published on Comparic every Monday, Wednesday and Friday. The theme as the name suggests are so called- exotic currency pairs.


After the dynamic drops, which broke the very important area of support, market arrived in the area of the upward trend line. Since then we move between these levels and in the near future we expect a re-test of the zone, this time as resistance.


Looking at the daily chart, we see that growth for a long time cannot overcome the level of 38.2% Fibonacci correction of the previous bearish impuls . Overcoming this level could open the way to the aforementioned re-test resistance zone coinciding with the momentum of 50% Fibo and there we expect a strong supply response.



For more than two weeks we observe forming of a wedge formation which is a correction of earlier gains. Today’s before noon highly dynamic growth covered a distance of over 360 pips as a result of which EURTRY increased by 0.65% and currently we are in the area of the upper limit of the wedge. Overcoming this level could open the way for further increases in area of resistance around 3.4361.



Since the market broke support @10.8779 the market is consolidated. Given the distance from the trend line we expect that it will take few more days. In the near future I would expect continuation of the sideways movement and rejection of the downtrend line in a place where it coincides with the supply zone placed within the aforementioned level of 10.8779 and Fibo 50% of the last impulse and 38.2% correction of the whole last bearish movement.


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