Forex Murray math lines and forecasts
One of the key factors, which has influence on any trader’s success is his ability to correctly predict the market movements. The two main methods are technical and fundamental analysis of Forex market.
An important feature of fundamental analysis is its global nature. Events, which are analyzed in fundamental analysis, have long-term influence on supply and demand on the currency market. This information is composed of the news about the world’s biggest political and financial events. It’s hard to overestimate the influenced the news has on financial markets: when the most important news is published, the market volatility increases.
It’s quite easy for an experienced trader to analyze and predict how a single event may influence the market. However, analysis of several events, which may influence the market in completely different ways, is a very complicated and time-consuming process. This may be the reason why only approximately 20% of traders use fundamental analysis as their main forecasting tool.
Fundamental approach to Forex market analysis, unlike technical one, covers not only the prices and their changes, but the reasons for these changes as well. Each approach has its followers, advantages and disadvantages.
In case of Eurodollar, the situation hasn’t changed much over the last 24 hours.
After a fast growth last Friday, Eurodollar is consolidating near the 3/8 level.
Yesterday, the price rebounded from the 2/8 level and then stayed below it.
At the H4 chart, Eurodollar is trying to rebound from the 2/8 level.
Eurodollar has been able to stay below the H4 Super Trend, which means that it may resume its decline.
In case of Eurodollar, the correction continues.
After rebounding from the H4 Super Trend, Eurodollar has broken the 0/8 level and right now is moving inside the “oversold zone”.
Euro to US Dollar is traded bellow 4 hour SuperTrends lines. Also price formed pullback from mark 1/8 that indicates on possibility of soon resuming of the pair descending.
After pullback from mark 0/8, Euro to US Dollar went to local correction.
Euro to US Dollar pair after pullback from daily SuperTrend approached to mark 0/8.
After pullback from daily SuperTrend line, Euro-US Dollar returned to descending.
Pullback from daily SuperTrend line accelerated resuming of the pair descending.
Euro-US Dollar pair formed pullback from daily SuperTrend, slightly went away from mark 3/8.
The pair is traded again on Murray's mark 2/8, earlier from which row of pullbacks was formed.
Pair is traded again under 4 hour SuperTrend. More over, pullback from Murray's mark 2/8 was formed.