Murrey Math Lines 21.11.2014 (EUR/USD, CAD/JPY)
21.11.2014
Analysis for November 21st, 2014
EUR USD, “Euro vs US Dollar”
Yesterday, after rebounding from the daily Super Trend several times, Eurodollar started falling again. Right now, the price is already moving below the H4 Super Trend, which means that bears may return to the market. In this situation, the pair is expected to continue falling towards the 4/8 level.
As we can see at the H1 chart, Super Trends have formed “bearish cross” and the price has been able to stay inside “oversold zone”. In the future, the market may form a correction towards the 0/8 level, but if later the pair rebounds from it, bears will continue pushing the price towards the -2/8 one.
CAD JPY, “Canadian Dollar vs Japanese Yen”
Despite a rebound from the 7/8 level, I’m holding all my sell orders, because the price is moving above Super Trends. If the pair breaks them, I’ll close my orders “manually”, because the market may start a more serious correction.
The H1 chart also confirms the scenario according to which the price may continue growing. After rebounding from the 8/8 level, the pair was supported by the 6/8 one and right now is trying to rebound from it. Consequently, if later the price is able to stay above Super Trends, I’m planning to increase my long position.
RoboForex Analytical Department
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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.