EURCAD Weekly Forex Forecast 5th November to 11th November by yshashmi37 on

Midterm forecast:

There is no trend in the market and the price is in a range bound, but we forecast beginning of uptrend.
Technical analysis:

There is a divergence in RSI and price between the trough at 1.47985 on 2018-08-15 and the trough at 1.47505 on 2018-10-04, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
While the RSI downtrend #1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 1.5130 on 10/19/2018, so more losses minimum to Trend Hunter Buy Zone (1.4825 to 1.4735) 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 45.

Share This