EURAUD - Downward trend will continue, Short trade by market price recommended
December 7, 2020 9:57:16 AM
Forecast Details
PairEURAUD
Direction
Sell
StatusClosed (1.63)
-75 p
1.6445
Stop Loss
1.6370
Entry
+70 p
1.6300
Target 1
+95 p
1.6275
Target 2
About Author
Alexander Zorevyk
Expert
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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.
- The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
- While in flat, the price often crosses the MVP line, since it reflects price balance. Today's short-term Sell forecast aims to cross this line.
- Pay attention to the accumulation of buyers near the current price. Such situations during an uptrend may indicate an upcoming correction. As a result, we will be going with a short-term Sell Order.
- Here is the crucial stop loss level to serve as a goal for our Sell trade idea.
