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

November 1, 2021 10:09:20 AM by Jacob Powell
Forecast Details
PairEURUSD
Direction Sell
StatusClosed (1.1620)
8:10
8:10
Nov. 1, 2021

-55 p
1.1620
Stop Loss
1.1565
Entry
+55 p
1.1510
Target 1
+75 p
1.1490
Target 2
Chart & Analyst Comments
main-sell-market-trend-1

For today's forecast, we recommend a Sell Order at this recommended market price - 1.1565. This idea is based on the following analysis:

  1. According to the most brokers’ data, more than half of the traders are currently in long positions on EURUSD. As a result, we recommend considering only Short trades at this time.
  2. The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
  3. The number of profitable sellers has exceeded 75%. The downtrend is in its active phase. This confirms potential for a Short trade.
  4. MVP line is above the price and acts as a resistance level.
  5. The first target is at the level of the previous bottom - 1.151, and the second one, in case of an active price decrease, is at the level - 1.149
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