EURAUD - Downward trend will continue, Short trade by market price recommended
May 11, 2021 7:22:53 AM
Forecast Details
PairEURAUD
Direction
Sell
StatusClosed (1.558)
-85 p
1.5580
Stop Loss
1.5495
Entry
+85 p
1.5410
Target 1
+115 p
1.5380
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.
- The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
- The Delta of the Profit Ratio indicator exceeds the threshold value of 2%. A decrease of EURAUD price is expected.
- MVP line is above the price and acts as a resistance level.
- In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous bottom. This is a good level for placing take profit according to our forecast.
