Trading suggestion:

• We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

Midterm forecast:

• While the price is below the resistance 113.030, resumption of downtrend is expected.
• We make sure when the support at 102.800 breaks.
• If the resistance at 113.030 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

• The descending flag taking shape suggests we will soon see another leg lower.
• The RSI uptrend #1 is broken, so the probability of resumption of downtrend is increased.
• A peak is formed in daily chart at 111.510 on 11/14/2024, so more losses to support(s) 109.251, 107.850, 106.332 and minimum to Major Support (102.800) 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 56.

Take Profits:

1. 109.251
2. 107.850
3. 106.332
4. 104.805
5. 102.800
6. 101.710
7. 100.559
8. 97.765
9. 95.852
10. 94.068