Murrey Math Lines 29.10.2014 (EUR/USD, SILVER)
29.10.2014
Analysis for October 29th, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar is still consolidating. Despite an attempt of the price to stay above the 0/8 level, Super Trends are still influenced by “bearish cross”. I’m planning to increase my position as soon as the pair breaks the 0/8 level downwards.
At the H1 chart, the current ascending correction has faced resistance from the 6/8 level. Considering that earlier the pair rebounded from the 2/8 level, there is a strong possibility that the market may resume falling.
XAG USD, “Silver vs US Dollar”
In case of Silver, the current descending movement is still supported by Super Trends. Right now, the market is moving in the middle of the chart, which may indicate, at least, a short-term decline towards the 3/8 level. If later the price breaks this level, the market may continue falling.
As we can see at the H1 chart, the market is making another attempt to stay below the 0/8 level; Super Trends are still influenced by “bearish cross”. Possibly, the price may break the -2/8 level quite soon. In this case, the lines at the chart will be redrawn.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.