Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1.67400 to 1.68339). 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 (1.67400)
• Ending of entry zone (1.68339)

Midterm forecast:

• While the price is below the resistance 1.68339, beginning of downtrend is expected.
• We make sure when the support at 1.61467 breaks.
• If the resistance at 1.68339 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 1.66725 on 2024-01-18 and the peak at 1.67439 on 2024-03-05, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
• The RSI support #1 at 47 is broken, so the probability of beginning of downtrend is increased.
• A trough is formed in daily chart at 1.63655 on 04/10/2024, so more gains to resistance(s) 1.67400 and maximum to Major Resistance (1.68339) 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.

Take Profits:

1. 1.65962
2. 1.64830
3. 1.63698
4. 1.62843
5. 1.61467
6. 1.58528
7. 1.55790
8. 1.52557