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

December 7, 2020 9:57:16 AM by Alexander Zorevyk
Forecast Details
PairEURAUD
Direction Sell
StatusClosed (1.63)
9:53
9:53
Dec. 7, 2020

-75 p
1.6445
Stop Loss
1.6370
Entry
+70 p
1.6300
Target 1
+95 p
1.6275
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. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. 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.
  4. 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.
  5. Here is the crucial stop loss level to serve as a goal for our Sell trade idea.