Murrey Math Lines 16.10.2014 (EUR/USD, SILVER)
16.10.2014
Analysis for October 16th, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar is still being corrected. The price has left “oversold zone”, but hasn’t been able to stay above the 1/8 level. Possibly, the pair may try to test the weekly Super Trend: if the market rebounds from it, the pair may resume falling.
As we can see at the H1 chart, the pair has rebounded from the 7/8 level, after which I’ve opened a sell order. In case the price grows very fast, I’ve placed a limit order. However, I’m planning to trade more actively only after the market breaks Super Trends downwards and stays below them.
XAG USD, “Silver vs US Dollar”
Silver has rebounded from the daily Super Trend once more, but right now, it is moving between the indicator’s lines. I’m planning to open additional sell orders as soon as the market breaks the 4/8 level and stays below it.
As we can see at the H1 chart, the price has rebounded from the 7/8 level very fast, which is quite a strong signal that the growth is over. This is the reason why the market is so far ignoring “bullish cross” formed by Super Trends earlier.
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