Murrey Math Lines 21.05.2015 (EUR/USD, GBP/JPY)
21.05.2015
Analysis for May 21st, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has been supported by Super Trends, which earlier formed “bearish cross”. Considering that the price has made a reverse from the 6/8 level, the target for bears is at the 2/8 one. If the price rebounds from it, the uptrend may resume.
As we can see at the H1 chart, the price has been able to stay below the 3/8 level, which means that it may continue falling. The closest target is at the 0/8 one. If the pair rebounds from it, the market may resume moving upwards.
GBP JPY, “Great Britain Pound vs Japanese Yen”
After rebounding from the daily Super Trend, the pair has resumed growing. Probably, in the nearest future the price may continue growing towards the +2/8 level. If later this level is broken, the lines at the chart will be redrawn.
At the H1 chart, the pair is moving at the top; Super Trends have formed “bullish cross”, which means that the market may resume growing. The closest target is the +2/8 level.
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