c by yshashmi37 on TradingView.com

Midterm forecast:

While the price is above the support 1.5345, beginning of uptrend is expected.
We make sure when the resistance at 1.5885 breaks.
If the support at 1.5345 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 1.5518 on 2018-11-15 and the trough at 1.53455 on 2018-12-03, 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.
A trough is formed in daily chart at 1.5345 on 12/03/2018, so more gains maximum to Major Resistance (1.5885) 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 57.

Share This