Murrey Math Lines 02.10.2014 (EUR/USD, SILVER)
02.10.2014
Analysis for October 2nd, 2014
EUR USD, “Euro vs US Dollar”
Euro is still consolidating inside “oversold zone”. Possibly, in the future the price may resume falling and reach the -2/8 level, which may later become a starting point of a new correction.
As we can see at the H1 chart, Super Trends are still influenced by “bearish cross”. If sellers are able to keep the price below the 3/8 level, the market may continue falling to reach the 0/8 one. I’m planning to close some of my orders when the pair rebounds from the latter level.
XAG USD, “Silver vs US Dollar”
After reaching the -1/8 level, Silver started a correction. In the near term, a local growth towards the daily Super trend may continue. If later the price rebounds from it, the market may start a new descending movement.
At the H1 chart, Silver is also trying to leave “oversold zone”. I’ll move the stop on my local buy order to breakeven as soon as the price starts moving upwards. One may consider opening longer-term long positions only after the market breaks the daily Super Trend and the 3/8 level.
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