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.
Currency pair Euro-Dollar came back to level 1.1060 and keeps to be traded stably without any notable trend.
Currency pair Euro-US Dollar is traded in consolidated diapason.
On 4 hour chart of Euro-Dollar, side correction within long black candlestick is continuing, lower Window supported, bullish Harami and Engulfing pointed out upward direction.
Over the last 24 hours, Eurodollar hasn’t gone anywhere.
The EUR/USD pair is moving above 1.1000 without any particular direction.
Europound is still consolidating near the group of retracements reached earlier.
The EUR/USD pair is moving above 1.1000.
Europound has reached its predicted targets and the Take Profit closed my buy order opened earlier.
The EUR/USD pair has broken the ascending channel and right now is forming a downside continuation pattern.
Eurodollar has successfully rebounded from the retracement of 50% again; earlier this level already provided resistance for the current correction.
The EUR/USD pair is moving inside an ascending correctional channel.
In case of Eurodollar, the flat continues.
Being under pressure, the EUR/USD pair continues moving upwards and may choose an alternative scenario, which implies that the price may extend the current correction towards 1.1210.
After rebounding from the correctional retracement of 78.6%, Europound started growing fast.