Forex Technical analysis 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.
The EUR/GBP pair is attempting to rebound from the correctional retracement of 38.2%.
The EUR/USD pair is still forming the third descending wave.
Yesterday, the EUR/USD pair reached another new low.
Being under pressure, the EUR/USD pair is falling.
As we can see at the H1 chart, the correctional retracement of 23.6% is confirmed by intraday fibo-levels.
The EUR/USD pair is forming another consolidation range.
After rebounding from the group of local fibo-levels, the EUR/USD pair started a new correction.
The EUR/USD pair is still consolidating in the center of the third wave.
The EUR/USD pair continues falling.
The EUR/USD pair is still forming the third wave inside the downtrend.
Yesterday, the EUR/USD pair rebounded from the group of local fibo-levels and started a new ascending correction, which may yet continue for a while.
The USD/CHF pair has finished the correction with the target at 0.9861.
The EUR/GBP pair rebounded from its upside targets and right now continues consolidating.
The EUR/USD pair is forming the third descending wave.
The EUR/USD pair “plummeted” and reached the group of local fibo-levels, which means that it may start a new ascending correction.