EURAUD - Downward trend will continue, Short trade by market price recommended
June 26, 2020 6:03:01 AM
Forecast Details
PairEURAUD
Direction
Sell
StatusClosed (1.636)
-70 p
1.6360
Stop Loss
1.6290
Entry
+70 p
1.6220
Target 1
+90 p
1.6200
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 4
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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 Ratios indicator shows the change in the ratio of market players towards buyers. Their increase while the downtrend may indicate the activity of averaging traders. This can serve as "fuel" for further downtrend.
- The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
- 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.
