Murray Math Lines 13.07.2012 (EUR/GBP, USD/CAD, EUR/JPY)

Analysis for July 13^th, 2012

EUR/GBP

The descending trend continues. At the moment the pair is consolidating above the 1/8 level, the correction is supported by the H4 Super Trend’s line. The short-term target is still at the 0/8 level.



At the H1 chart the bears are trying to keep the price below the 3/8 level. If they succeed in doing it, the pair will continue falling down towards the 0/8 level. During the correction I’ve decided to open one more sell order, Take Profit on all four trades is placed at the level of 0.7830.

USD/CAD

Although the USD/CAD currency pair rebounded from the daily Super Trend, the bulls remain quite strong right now. We can’t exclude a possibility that the bulls may be supported by the H4 Super Trend in the future and the price will break the 4/8 level.



The market is moving in the upper part of the H1 chart. The bears haven’t been able to keep the price below the 6/8 level for a long time so far. Most likely, the price will enter an “overbought zone” in the nearest future. If the pair breaks the +2/8 level, the lines at the chart will be redrawn.

EUR/JPY

At the H4 chart the EUR/JPY currency pair has entered an “oversold zone”, the descending movement of the price is supported by the Super Trend’s line. There’s a possibility that the price may break the -2/8 level in the nearest future and the lines at the chart will be redrawn.



The price is moving in the middle of the H1 chart, the bears are supported by the Super Trend’s line. In the near term, we can expect the price to continue falling down towards the 0/8 level.