Murrey Math Lines 03.10.2014 (EUR/USD, SILVER)
03.10.2014
Analysis for October 3rd, 2014
EUR USD, “Euro vs US Dollar”
Yesterday Euro rebounded from the 0/8 level, which means that the market may resume falling. The pair has been able to break the H4 Super Trend downwards and stay below it, which means that the price may continue falling towards the closest target at the -2/8 level.
As we can see at the H1 chart, the pair was supported by the 4/8 level. Possibly, Super Trends may form “bearish cross” during the day. I’m planning to increase my short position as soon as the price breaks the 3/8 level and stays below it.
XAG USD, “Silver vs US Dollar”
Considering that Silver hasn’t been able to stay above Super Trend and the 0/8 level, I’ve closed my buy order and opened a sell one with the target at the -2/8 level. It’s very likely that the market may reach a new low during the next several hours.
At the H1 chart, Super Trends are still influenced by “bearish cross”. The next step for sellers is to break the -2/8 level. In this case, the lines at the chart will be redrawn.
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