Murrey Math Lines 02.07.2015 (EUR/USD, GBP/USD)
02.07.2015
Analysis for July 2nd, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar continues falling. Super Trends are still influenced by “bearish cross”. Earlier, the pair rebounded from the 4/8 level, which means that it may resume falling. The closest target is at the 0/8 level. After reaching it, the pair may start an ascending correction.
As we can see at the H1 chart, Super Trends have formed “bearish cross”. During the day, the pair may form a local correction and test the 2/8 level. If the pair rebounds from it, the market will continue falling towards the 0/8 level to break it.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is trying to resume moving downwards. Yesterday, Super Trends formed “bearish cross”. The price broke the 4/8 level and stayed below it, that’s why I opened a short-term sell order with the target at the 3/8 one during the local correction.
At the H1 chart, the pair is moving inside “oversold zone”; bears are supported by Super Trends. If later the price is able to break -2/8 level, the lines at the chart will be redrawn.
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