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

April 23, 2021 6:26:31 AM by Alexander Zorevyk
Forecast Details
PairEURAUD
Direction Sell
StatusClosed (1.546)
6:22
6:22
Apr. 23, 2021

-70 p
1.5630
Stop Loss
1.5560
Entry
+70 p
1.5490
Target 1
+100 p
1.5460
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 activity of "fresh" buyers in an uptrend may indicate that the market expects the recovery of the bull trend. However, according to our analysis, this movement is corrective and we expect the price to go down.
  3. The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
  4. The first target is at the level of the previous bottom - 1.549, and the second one, in case of an active price decrease, is at the level - 1.546