Murrey Math Lines 17.02.2016 (EUR/USD, GBP/JPY)
17.02.2016
Analysis for February 17th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is moving between Super Trends. If the price breaks the 3/8 level and stays below it and Super Trends form “bearish cross”, the current descending correction may become deeper.
At the H1 chart, Super Trends provide support. Considering that the price is already moving under the 3/8 level, it may continue falling. The closest target for sellers is at the 0/8 level; after reaching it, the market may start an ascending correction.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The pair hasn’t been able to stay below the 4/8 level and right now is being corrected. The closest target for bulls is at the 6/8 level and the daily Super Trend. After the price is able to stay above the H4 Super Trend, the market will resume its growth.
At the H1 chart, the pair has rebounded from the 0/8 level. If later Super Trends form “bullish cross”, I’m planning to open another buy order with the target at the 3/8 level.
RoboForex Analytical Department
Attention!
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.