Murrey Math Lines 12.05.2016 (EUR/USD, GBP/USD)
12.05.2016
Analysis for May 12th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is attempting to stay under Super Trends, which may form “bearish cross” in the nearest future. The closest downside target is at the 1/8 level. If the pair breaks it, the market will continue falling to reach the 0/8 level.
At the H1 chart, the pair has rebounded from the 3/8 level. When the price broke Super Trends, I opened a new sell order with the target at the -2/8 level. Possibly, during the day the market may break yesterday’s low.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is moving close to Super Trends. Earlier, the price rebounded from the +1/8 level. If the pair breaks the 6/8 level in the nearest future, it will continue falling towards the 4/8 one.
At the H1 chart, the pair is moving in the middle. Considering that the 5/8 level provided very strong resistance, the market may fall towards the 3/8 one. If this level is broken, the market may reach the 2/8 one.
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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.