Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1.54006 to 1.54945). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

• Beginning of entry zone (1.54006)
• Ending of entry zone (1.54945)

Midterm forecast:

• While the price is below the resistance 1.54945, beginning of downtrend is expected.
• We make sure when the support at 1.50520 breaks.
• If the resistance at 1.54945 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

• There is a divergence in RSI and price between the peak at 1.54541 on 2023-07-19 and the peak at 1.54951 on 2023-08-15, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
• The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
• A peak is formed in daily chart at 1.54950 on 08/15/2023, so more losses minimum to Major Support (1.50520) 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 34.

Take Profits:

1. 1.51972
2. 1.50520
3. 1.49550
4. 1.48304
5. 1.46997
6. 1.45715
7. 1.43906
8. 1.41535
9. 1.39542
10. 1.38117