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

February 6, 2020 7:29:58 AM by Jacob Powell
Forecast Details
PairEURUSD
Direction Sell
StatusClosed (1.097)
7:22
7:22
Feb. 6, 2020

-49 p
1.1050
Stop Loss
1.1000
Entry
+50 p
1.0950
Target 1
Chart & Analyst Comments
EURUSD - Downward trend will continue, Short trade by market price recommended

For today's forecast, we recommend a Sell Order at this recommended market price - 1.1. This idea is based on the following analysis:

  1. Since the CurrentRatio sentiment indicator informs us that the market crowd is buying, we should consider sticking to Sell Orders.
  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. 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. We are setting the take profit of our Sell Order to the closest level with a large number of stop losses.