Midterm forecast: . While the price is below the resistance 43.60, beginning of downtrend is expected. . We make sure when the support at 37.15 breaks. . If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis: . There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 43.595 on 2020-08-05, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased. . While the RSI support #1 at 52 is not broken, the probability of price decrease would be too low. . A peak is formed in daily chart at 43.60 on 08/05/2020, so more losses to support(s) 42.30, 38.85 and minimum to Major Support (37.15) 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 59.
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️ 💎 Want us to help you become a better Forex trader?
Now, It's your turn! Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️ ForecastCity English Support Team ❤️
Awaiting further feedback