The downwards scenario is quite obvious, but the presence of a large number of "fellow travelers" will not allow the price to immediately go down. We expect a false move up and afterwards set up a Sell Limit.
- 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.
- The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
- 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.
- We are setting Stop Loss for our Sell trade at the level with the lowest amount of stop losses of other market participants.