Chapter 37 Will EURAUD be down?
21/05/2023
Summary
Supply and demand control the movement
Fundamental analysis
Fundamentally in this pair, we can see they had last week both negative data released we can say fundamentally this pair has equal weakness in that situation normally supply and demand will start to take control of the movements based on the price needed.
Technical analysis
In this 4-hour diagram chart, the market price now is 1.62466, we expect the market to push the price up to the previous supply zone at 1.63700 Creating fake breakouts and after that, we expect the market to push the price down creating a fake breakout and from this point, the market will push the price down to the oldest demand zone at 1.60500 with the 20-moving average point down.
Trading Recommendation
Trading Direction: Short
Entry Price: 1.63743
Target Price: 1.61010
Stop Loss: 1.64660
