Murrey Math Lines 19.11.2014 (EUR/USD, CAD/JPY)
19.11.2014
Analysis for November 19th, 2014
EUR USD, “Euro vs US Dollar”
In the beginning of the week, Eurodollar rebounded from the daily Super Trend and the 7/8 level, which is quite a strong bearish signal. This is why, I decided to open a short-term sell order (which is in a drawdown so far) with the target at the 4/8 level. If the pair is able to stay below Super Trends, the market will resume falling.
As we can see at the H1 chart, the current correction continues, which resulted in “bullish cross” formed by Super Trends. Earlier, the pair rebounded from the 8/8 level. Possibly, the market may resume falling in case it rebounds from the 7/8 level.
CAD JPY, “Canadian Dollar vs Japanese Yen”
The price continues moving upwards. The pair is trying to stay above the 6/8 level and if bulls succeed, the market will continue growing. The price is still being supported by the H4 Super Trend.
As we can see at the H1 chart, after rebounding from the +1/8 level, the pair has rebounded from the 8/8 one as well, which means that the price may resume the uptrend. In the future, the market may try to break the +2/8 level. If it succeeds, the lines at the chart will be redrawn.
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.