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 pair is trying to resume moving downwards.
Eurodollar is moving according to the main scenario to reach 1.1000.
As we can see at the H1 chart, the pair is trying to rebound the local retracement of 50%.
Eurodollar is trying to continue the correction towards 1.1308, but the main scenario remains the same – decline inside the downtrend.
Gold has extended its correction towards 1125.
The pair is still being corrected.
Being under pressure, Eurodollar is falling
As we can see at the H1 chart, the price has rebounded from the local retracement of 50%.
Eurodollar has completed the correction and today continues falling inside the downtrend.
As we can see at the H1 chart, Eurodollar has rebounded from the correctional retracement of 50%.
After rebounding from the group of lower fibo-levels, Europound has started growing, thus eliminating the possibility of a further decline.
Ruble is moving in the center of its consolidation channel without any particular direction.
Eurodollar is trading downwards.
Eurodollar hasn’t been able to continue the correction and right now continues falling
At the end of the last week, Eurodollar rebounded from the correctional retracement of 61.8%, which means that the pair may start another descending movement.