EURAUD - Downward trend will continue, Short trade by market price recommended

October 4, 2021 6:29:32 PM by Alexander Zorevyk
Forecast Details
PairEURAUD
Direction Sell
StatusClosed (1.589)
18:27
18:27
Oct. 4, 2021

-60 p
1.6010
Stop Loss
1.5950
Entry
+60 p
1.5890
Target 1
+80 p
1.5870
Target 2
Chart & Analyst Comments
EURAUD - Downward trend will continue, Short trade by market price recommended
  1. According to the most brokers’ data, more than half of the traders are currently in long positions on EURAUD. As a result, we recommend considering only Short trades at this time.
  2. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  3. MVP line is above the price and acts as a resistance level.
  4. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  5. The first target is at the level of the previous bottom - 1.589, and the second one, in case of an active price decrease, is at the level - 1.587