EURCAD Weekly Forex Forecast 7th October to 13th October by yshashmi37 on

Midterm forecast:

While the price is above the support 1.4800, beginning of uptrend is expected.
We make sure when the resistance at 1.5060 breaks.
If the support at 1.4800 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 1.47985 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.
The RSI support #1 at 47 is broken, so the probability of beginning of uptrend is decreased.
A trough is formed in daily chart at 1.4750 on 10/04/2018, so more gains to resistance(s)1.4915 and maximum to Major Resistance(1.5060) 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 41.

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