The market has stabilized, the first signs of a downtrend appeared

January 20, 2020 7:03:05 AM by Patrick Yang
Forecast Details
PairEURUSD
Direction Sell
StatusClosed (1.1130)
Start
End
Jan. 20, 2020
Jan. 27, 2020

-110 p
1.1240
Stop Loss
1.1130
Entry
+120 p
1.1010
Target 1
Chart & Analyst Comments
main-sell-trend-2

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.

  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 last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. 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.
  4. We are setting Stop Loss for our Sell trade at the level with the lowest amount of stop losses of other market participants.
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