Murrey Math Lines 20.11.2014 (EUR/USD, CAD/JPY)
20.11.2014
Analysis for November 20th, 2014
EUR USD, “Euro vs US Dollar”
Yesterday, Eurodollar rebounded from the daily Super Trend once again. Moreover, bears have been supported by the 7/8 level as well. Right now, the market is expected to resume moving downwards to reach the 4/8 level. If the pair is able to stay below Super Trends, this assumption will be confirmed.
The price is moving in the middle of the H1 chart, where Super Trends are still influenced by “bullish cross”. Possibly, in the nearest future the market may fall towards the 0/8 level to test it.
CAD JPY, “Canadian Dollar vs Japanese Yen”
The price continues moving upwards and has got very close to the 7/8 level. If the pair breaks it, the market will continue growing towards the 8/8 one. I’m holding my sell orders and moving the stop loss after the market.
As we can see at the H1 chart, the par is also moving at the top. Considering that the pair is already moving above the 5/8 level quite steadily, in the future the market may continue growing towards the 8/8 level. If later it rebounds from this level, the price my start a more serious correction.
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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.