While the price is above the support 32.75, beginning of uptrend is expected.
We make sure when the resistance at 87.90 breaks.
If the support at 32.75 is broken, the short-term forecast -beginning of uptrend- will be invalid.
The taking shape and as a suggests we will soon see another leg higher if price breaks and closes above downtrend.
While the downtrend #1 is not broken, wave in price would continue.
A peak is formed in at 76.15 on 07/13/2020, so more losses to support(s) 66.10, 57.90, 48.30 and minimum to Major Support (32.75) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
( ) is 53.
We opened 12 BUY trade(s) @ 71.81 based on 'Valley' entry method at 2020.07.22.
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Total Profit: 19468
Closed trade(s): 2418 Profit
Open trade(s): 17050 Profit
TP1 @ 79.90 touched at 2020.07.28 with 809 pip Profit.
TP2 @ 87.90 touched at 2020.08.01 with 1609 pip Profit.
809 + 1609 = 2418
Profit for one trade is 88.86(current price) - 71.81(open price) = 1705
10 trade(s) still open, therefore total profit for open trade(s) is 1705 x 10 = 17050
All SLs moved to Break-even point.