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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
PairEURAUD
Direction Sell
StatusClosed (1.6130)
10:09
10:09
Nov. 23, 2020

-90 p
1.6300
Stop Loss
1.6210
Entry
+80 p
1.6130
Target 1
+110 p
1.6100
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  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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