Midterm forecast:
While the price is above the support 7.2675, resumption of uptrend is expected.
We make sure when the resistance at 8.5750 breaks.
If the support at 7.2675 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The RSI support #1 at 57 is broken, so the probability of resumption of uptrend is decreased.
A peak is formed in daily chart at 8.0516 on 11/24/2020, so more losses to support(s) 7.7755, 7.6600, 7.4565 and minimum to Major Support (7.2675) 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 46.
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While the price is above the support 7.2675, resumption of uptrend is expected.
We make sure when the resistance at 8.5750 breaks.
If the support at 7.2675 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The RSI support #1 at 57 is broken, so the probability of resumption of uptrend is decreased.
A peak is formed in daily chart at 8.0516 on 11/24/2020, so more losses to support(s) 7.7755, 7.6600, 7.4565 and minimum to Major Support (7.2675) 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 46.
❤️ 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 ❤️