EURUSD Weekly Forex Forecast 29th September to 6th October
Midterm forecast:
While the price is above the support 1.1300, beginning of uptrend is expected.
We make sure when the resistance at 1.1840 breaks.
If the support at 1.1300 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the trough at 1.15095 on 2018-05-29 and the trough at 1.13005 on 2018-08-15, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
While the RSI support #2 at 46 is not broken, the probability of price decrease would be too low.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 45.
While the price is above the support 1.1300, beginning of uptrend is expected.
We make sure when the resistance at 1.1840 breaks.
If the support at 1.1300 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the trough at 1.15095 on 2018-05-29 and the trough at 1.13005 on 2018-08-15, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
While the RSI support #2 at 46 is not broken, the probability of price decrease would be too low.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 45.
algorithmic trader - I have quantified sentiment necessary for trading elliott waves