Midterm forecast: There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 108.35 would begin in Midterm.
Technical analysis: The RSI bounced from the support #1 at 26 and it prevented price from more losses. The RSI downtrend #2 is broken, so the probability of beginning of uptrend is increased. A trough is formed in daily chart at 108.50 on 05/08/2018, so more gains to resistance(s) 111.55, 112.25, 113.40 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 61.
Trading suggestion: There is possibility of temporary retracement to suggested Buy Zone (110.30 to 108.35), if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (110.30) Ending of entry zone (108.35)
TP1 HIT with 1153 pips profit Midterm Forecast: . While the price is above the support 108.35, beginning of uptrend is expected. . We make sure when the resistance at 112.25 breaks. . If the support at 108.35 is broken, the short-term forecast (beginning of uptrend) will be invalid.
Technical analysis: . The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased. . A trough is formed in the daily chart at 109.00 on 05/29/2018, so more gains to resistance(s) 111.20 and maximum to Major Resistance (112.25) is expected. . Price is above WEMA21, if the price drops more, this line can act as dynamic support against more losses. . Relative strength index (RSI) is 56.
Trade Setup: We opened 8 BUY trade(s) @ 109.68 (day close price) based on 'Hammer' at 2018.05.29 signaled by our "Daily Trading Opportunity". Total Profit: 1153 pip Closed trade(s): 152 pip Profit Open trade(s): 1001pip Profit
Closed Profit: TP1 @ 111.20 touched at 06.04.2018 with 152 pip Profit.
Open Profit: Profit for one trade is 111.11(current price) - 109.68(open price) = 143 pip 7 trade(s) still open, therefore total profit for open trade(s) is 143 x 7 = 1001 pip
great analysis please keep share your analysis im very intresting.
ForecastCity
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@Farahcookies, Yes of course, Thanks for your feedback
ahkp86
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Hi, thanks for your sharing your analysis, you have done really great with this pair!
I just wanna know that, since there has been no correction yet, do you think that we will have one or the price will just keep going?
I was waiting for a correction, do you think that the buying zone has changed?
ForecastCity
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@ahkp86, No buy zone not changed and Price is going to touch 110.30!
Thanks for sharing!