Midterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 36.30 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
The RSI bounced from the downtrend #1 and it prevented price from more gains.
A peak is formed in daily chart at 41.94 on 10/19/2020, so more losses to support(s) 39.70, 38.15 and minimum to Major Support (36.30) 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.
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While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 36.30 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
The RSI bounced from the downtrend #1 and it prevented price from more gains.
A peak is formed in daily chart at 41.94 on 10/19/2020, so more losses to support(s) 39.70, 38.15 and minimum to Major Support (36.30) 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.
❤️ 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 you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️