Murrey Math Lines 16.05.2016 (EUR/USD, GBP/USD)
16.05.2016
Analysis for May 16th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar continues moving downwards after Super Trends formed “bearish cross”. The closest target is at the 0/8 level. If later the price rebounds from this level, the market will start a new correction.
At the H1 chart, the pair is trying to stay under the 3/8 level and the H1 Super Trend. If the price succeeds, the market may continue falling towards the 0/8 level.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues falling as well. After the market opening, the price has reached a new low. Considering that earlier the price rebounded from the 7/8 level, later the pair may continue falling towards the 0/8 one.
At the H1 chart, the current descending movement is supported by Super Trends. The closest target for bears is at the 0/8 level. If later the price rebounds from this level, the market may start a new local correction.
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