Murray Math Lines 26.07.2012 (EUR/GBP, USD/CAD, SILVER)

Analysis for July 26^th, 2012

EUR/GBP

The EUR/GBP currency pair is still expected to continue falling down. The market has left an “oversold zone”, but continues moving below the daily Super Trend’s line. If the bears rebound from the current levels, the price will start moving downwards again. Considering that all my Take Profits worked earlier, I’ve opened a new sell order.



At the H1 chart the market is moving below the 7/8 level. If the bears break the Super trends’ lines backwards, the price will probably start falling down again. Later we can expect the pair to break the ‑2/8 level and the lines at the chart will be redrawn.

USD/CAD

After making a rapid ascending movement from the 5/8 level, Canadian Dollar is being corrected right now. There is a possibility that the price may rebound from the current levels and continue growing up. It looks like the pair is going to break the 8/8 level and move higher.



At the H1 chart the pair is being corrected near the 4/8 level, we can expect the price to continue moving upwards in the nearest future. If the market breaks the Super Trends’ lines, one by one, the price will start growing up towards the 8/8 level.

SILVER

The market hasn’t been able to keep the price above the 2/8 level so far, thus indicating that the instrument may start moving downwards again. Most likely, the price will break the minimum during the next several weeks. After the market breaks the -2/8 level, the lines at the chart will be redrawn.



Yesterday the bulls were stopped at the 5/8 level. The price used to rebound from this level earlier and may do the same this time again. The closest target is the 8/8 level, which probably will be broken.