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

November 23, 2020 10:11:10 AM by Alexander Zorevyk
Forecast Details
Direction Sell
StatusClosed (1.6130)
Nov. 23, 2020

-90 p
Stop Loss
+80 p
Target 1
+110 p
Target 2
Chart & Analyst Comments
  1. Majority of traders are still holding onto Longs. This means we should continue to Sell EURAUD.
  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. MVP line is above the price and acts as a resistance level.
  4. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
  5. The given Stop Losses of market participants are on the same level as the previous low, which will serve as the target for our trade.
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