Analysis for October 31st, 2014
EURUSD, “Euro vs US Dollar”
Eurodollar is attempting to rebound from the -1/8 level. If it succeeds, the pair may start a short-term correction. The price is unlikely to move far away from the H4 Super Trends, but we shouldn’t rule out the possibility that it may try to test the 0/8 level. The target for the next several days is at the -2/8 level.
At the H1 chart, the price is trying to rebound from the 2/8 level; Super Trends are still influenced by “bearish cross”. Considering that the market is already moving below the 3/8 level quite steadily, the next target is expected to be at the 0/8 one.
XAGUSD, “Silver vs US Dollar”
Silver has started a fast descending movement. If the price doesn’t rebound from the 1/8 level in the nearest future, it may reach the 0/8 one and then start a correction. On the other hand, if bears aren’t able to break the 1/8 level, I’m planning to close my order.
At the H1 chart, the situation is similar. The market is falling and supported by Super Trends, from which it has already rebounded several times. The stop loss on my sell order is already a bit profitable, but all attention now is drawn to the way the price will behave at the 1/8 level.
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