Midterm forecast: . While the price is above the support 1.550, beginning of uptrend is expected. . We make sure when the resistance at 2.250 breaks. . If the support at 1.550 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis: . While the RSI downtrend #1 is not broken, bearish wave in price would continue. . A peak is formed in daily chart at 2.024 on 05/20/2020, so more losses to support(s) 1.800, 1.700 and minimum to Major Support (1.550) is expected. . Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains. . Relative strength index (RSI) is 47.
Trading suggestion: . There is a possibility of temporary retracement to suggested support zone (1.800 to 1.700). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (1.800) Ending of entry zone (1.700)
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