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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 (1.5890)
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
main-sell-market-trend-1
  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
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