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

August 9, 2021 6:57:16 AM by Alexander Zorevyk
Forecast Details
PairEURAUD
Direction Sell
StatusClosed (1.593)
6:47
6:47
Aug. 9, 2021

-60 p
1.6050
Stop Loss
1.5990
Entry
+60 p
1.5930
Target 1
+90 p
1.5900
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. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  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. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  5. The first target is at the level of the previous bottom - 1.593, and the second one, in case of an active price decrease, is at the level - 1.59