EURAUD - Downward trend will continue, Short trade by market price recommended
May 5, 2021 8:27:00 AM
Forecast Details
PairEURAUD
Direction
Sell
StatusClosed (1.549)
-55 p
1.5595
Stop Loss
1.5540
Entry
+50 p
1.5490
Target 1
+80 p
1.5460
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 6
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Chart & Analyst Comments
- 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.
- In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
- Upward price movement is accompanied by reversal signals of Profit Ratio indicator.
- Price broke through the MVP line and rushed down. We consider this a sign for further EURAUD price decrease.
- The first target is at the level of the previous bottom - 1.549, and the second one, in case of an active price decrease, is at the level - 1.546
