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.
Euro-US Dollar pair has formed one more pullback from the crowd of fibo-levels in the area 1.1030.
Euro-Dollar has tested precisely the top crowd of fibo-levels on the past Friday and after that went into correction.
On the 4 hour Euro-dollar chart, the bearish model The High Wave indicates the continuation of downward, the lowest Window resisted.
On the 4 hour Euro-Dollar chart, the Hammer pattern pointed the upward correction; the lowest Gap is the resistance.
Euro-Dollar pair has stretched the correction and tested the level 1.0964, test from below of break channel of the fourth wave.
Pair Euro-Dollar is trading in the consolidation range with minimums updated. The main scenario considers the possible sliding to the level 1.0770.
The bearish trend is on the 4 hour Euro-Dollar chart. Chart of the 3-lined breakage confirms downward trend.
Price has formed the second pullback from the low crowd of fibo-levels (1, 0830) that indicated the beginning of correction.
Sliding of Euro-Dollar is slowing down, so the price can be corrected soon.
The bearish trend is on the 4 hour chart of Euro-Dollar, series of continuation pattern. Three methods point the downward.
Euro-Dollar pair keeps sliding. The wave’s goal is considered at the 1.0770 level.
The euro dollar pair has fulfilled the goal to expand the range toward the down. Actually, the sliding trend continues.
The 4 hour chart of euro-dollar pair is bearish, continuation pattern. Three methods indicate the declining.
EURUSD decline is slowing down and price may be corrected soon.
Today the euro dollar currency pair attempts to roll back to the breakdown of the growth channel.