Analysis for August 27th, 2014
EUR USD, “Euro vs US Dollar”
Bears were able to enter “oversold zone” after all and now they have to keep the price below the 0/8 level. In addition to that, they are supported by the H4 Super Trend. If the market rebounds from these levels, the pair will start a new descending movement.
The situation at the H1 chart is quite typical for Murrey Math: after rebounding from the -1/8 level, the pair is testing the 0/8 one. Consequently, if the pair rebounds from the 0/8 level successfully, the market may reach the -2/8 one or even break it.
XAG USD, “Silver vs US Dollar”
Silver is still consolidating. The price wasn’t able to stay above the 2/8 level, which is an additional bearish signal. Considering that the market is again moving below the H4 Super Trend, I decided to open another sell order.
As we can see at the H1 chart, Super Trends formed “bearish cross”. Earlier, the market rebounded from the 5/8 level. If bears are able to keep the price below the 3/8 level after all, Silver may continue falling towards the 0/8 one or even lower.
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