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

November 11, 2019 8:20:52 AM by Patrick Yang
Forecast Details
PairEURUSD
Direction Sell
StatusClosed (1.1055)
Start
End
Nov. 11, 2019
Nov. 18, 2019

-125 p
1.1180
Stop Loss
1.1055
Entry
+124 p
1.0930
Target 1
Chart & Analyst Comments
EURUSD - Downward trend will continue, Short trade by market price recommended

For this forecast, we recommend to set Sell Limit at the following price - 1.1055. This idea is based on the following analysis:

  1. Majority of traders are still holding onto Longs. This means we should continue to Sell EURUSD.
  2. We see a sharp increase in buy orders as indicated by a number of brokers, which may indicate an interest of a big market player. We are expecting a downward movement.
  3. The decrease in the sellers volume, together with the increase in the buyers volume, confirms the need to Sell according to our trading idea.
  4. MVP line is above the price and acts as a resistance level.
  5. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.