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

August 9, 2021 6:57:16 AM by Alexander Zorevyk
Forecast Details
Direction Sell
StatusClosed (1.5930)
Aug. 9, 2021

-60 p
Stop Loss
+60 p
Target 1
+90 p
Target 2
Chart & Analyst Comments
  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
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