Murrey Math Lines 05.09.2014 (EUR/USD, SILVER)
05.09.2014
Analysis for September 5th, 2014
EUR USD, “Euro vs US Dollar”
It looks like bears “broke loose”: it took them just several hours to drop the market to the bottom. The price has broken the weekly Super Trend and right now is trying to stay inside “oversold zone”. In the near term, if no surprises occur, the pair may continue falling towards the -2/8 level.
At the H1 chart, the price is also moving at the bottom. Obviously, after yesterday’s meltdown, sellers decided to take a time out, but it doesn’t rule out the possibility that the downtrend may resume. If bears do decide to break the -2/8 level, the lines at the chart will be redrawn.
XAG USD, “Silver vs US Dollar”
The market has been able to break the 1/8 level and right now is moving below it quite steadily. Earlier, bears were supported by the H4 Super Trend. Later, after completing a local correction, the price may make the final movement towards the 0/8 level, where bulls may steal initiative and start a new correction.
At the H1 chart, the price is moving inside “oversold zone”. If the H1 Super Trend doesn’t let down and the price rebounds from it, the market may break the -2/8 level. In this case, the lines at the chart will be redrawn.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.