Murrey Math Lines 09.09.2016 (EUR/USD and GBP/USD)
09.09.2016
Murray Math Lines, 09.09.2016
EUR USD "Euro vs. US Dollar"
The day before the pair failed to hold above the 5/8 level and this suggests a possible resume of declining. The nearest target is 4/8 level which is strengthened by the daily Super Trend. In case of a breakout of the indicator line the market might fall further towards 3/8.
On 1-H chart we saw a break through 7/8 level which is a fairly powerful bearish signal. During the day we can see how the pair tests 4/8 level. If this level is broken through, the bears will have carte blanch for further move down.
GBP USD "Great Britain Pound vs. US Dollar"
The British Pound organized a rebound from 8/8 level, after which the market held under the 4-H Super Trend line. If the pair is able to hold under 6/8 level, in the short term a decline towards the 4/8 level will be possible.
On the 1-H trend, the Super Trend lines have formed a "bearish cross". It is very likely that in the near-term the market tests 4/8 level. If this level is broken through, the price can fall even further.
EUR USD "Euro vs. US Dollar"
The day before the pair failed to hold above the 5/8 level and this suggests a possible resume of declining. The nearest target is 4/8 level which is strengthened by the daily Super Trend. In case of a breakout of the indicator line the market might fall further towards 3/8.
On 1-H chart we saw a break through 7/8 level which is a fairly powerful bearish signal. During the day we can see how the pair tests 4/8 level. If this level is broken through, the bears will have carte blanch for further move down.
GBP USD "Great Britain Pound vs. US Dollar"
The British Pound organized a rebound from 8/8 level, after which the market held under the 4-H Super Trend line. If the pair is able to hold under 6/8 level, in the short term a decline towards the 4/8 level will be possible.
On the 1-H trend, the Super Trend lines have formed a "bearish cross". It is very likely that in the near-term the market tests 4/8 level. If this level is broken through, the price can fall even further.
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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.