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Euraudanalysis

EURAUD Possible Short OpportunityIn March 2020, price reached all-time highs since March 2009 of 1.97726..since that high price has been consistently dropping. Between May 2020 and December 2020, the price was consolidating between 1.65753 and 1.61120. (that's a long time for market participants to be indecisive) Price broke out of this consolidation to the downside right at the close of 2020 down to a low of 1.52816 in February of 2021. Since the low of 2021 (1.52204), the price has been (according to my analysis) retracing and is currently out at the low of the May '20 - Dec '20 consolidation of 1.61596 My rationale is on my chart as to why I'd like to short this pair IF I find confirmation. We have: 1. Oversold Stoch 2. Break and retest of recent consolidation area. 3. 61.8 Fib Zone 4. High Volume Zone on the VPVR Ps. COT Report for EUR shows NonCommercials piling in Short Positions fast and Long positions gradually decreasing. The current net position is at 38k Long, which is the lowest it's been this year. NB: If price does NOT respect the resistance level it is at, I will start looking for a buy setup, until then I am short bias. Please share your thoughts and ideas on this pair, I'd appreciate it. <3 OANDA:EURAUD
Short
by harveytiven