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Weekly forecast Euro / US Dollar technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.05137 to 1.04503). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (1.05137)
  • Ending of entry zone (1.04503)

DateDecember 2, 2023 - 10:38
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • While the price is above the support 1.04503, resumption of uptrend is expected.
  • We make sure when the resistance at 1.10163 breaks.
  • If the support at 1.04503 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of resumption of uptrend is decreased.
  • A peak is formed in daily chart at 1.10165 on 11/29/2023, so more losses to support(s) 1.07664, 1.06389, 1.05137 and minimum to Major Support (1.04503) 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. 1.06389
  2. 1.07664
  3. 1.09412
  4. 1.10650
  5. 1.12729
  6. 1.14620
Click on the level to view price action history.

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