Murrey Math Lines 23.10.2014 (EUR/USD, SILVER)
23.10.2014
Analysis for October 23rd, 2014
EUR USD, “Euro vs US Dollar”
Yesterday Eurodollar broke the 0/8 level and entered “oversold zone”; Super Trends formed “bearish cross”. Later, the price is likely to continue falling towards the -2/8 level. If the market breaks the -2/8 level, the lines at the chart will be redrawn.
At the H1 chart, the pair is also moving inside “oversold zone”; bears are supported by Super Trends. We should note that the price may start a correction from the -1/8 level or even return to the 0/8 one (that’s why the stops are placed above this level).
XAG USD, “Silver vs US Dollar”
After rebounding from the daily Super Trend once again, Silver is trying to resume falling. I managed to move the stop loss on my sell order to breakeven. I’m planning to open an additional order when the price finishes a local correction.
As we can see at the H1 chart, the price is trying to stay inside “oversold zone”. Super Trends have formed “bearish cross”. In the future, Silver is expected to break the -2/8 level. In this case, the lines at the chart will be redrawn.
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