Midterm forecast: While the price is above the support 1.0275, resumption of uptrend is expected. We make sure when the resistance at 1.0630 breaks. If the support at 1.0275 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis: While the RSI downtrend #1 is not broken, bearish wave in price would continue. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains. Relative strength index (RSI) is 41.
Trading suggestion: . There is a possibility of temporary retracement to suggested support zone (1.0360 to 1.0275). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (1.0360) Ending of entry zone (1.0275)
Entry signal: Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons: Take Profits: TP1= @ 1.0430 TP2= @ 1.0490 TP3= @ 1.0585 TP4= @ 1.0660 TP5= @ 1.0760 TP6= @ 1.0850 TP7= @ 1.0990 TP8= @ 1.1140 TP9= @ 1.1335 TP10= Free