Murrey Math Lines 05.05.2015 (EUR/USD, USD/CAD)
05.05.2015
Analysis for May 5th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is still being corrected between Super Trends. If the pair rebounds from the 3/8 level, the uptrend may continue. If later the price is able to stay above the 5/8 level, the next target for buyers will be at the 8/8 one.
As we can see at the H1 chart, the current correction resulted in “bearish cross” formed by Super Trends. However, the price is supported by the 6/8 level, which means that it may resume growing. I’m planning to increase my long position as soon as the market breaks the 8/8 level and stays above it.
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar has rebounded from the daily Super Trend and the 4/8 level. If later the price is able to stay below the 3/8 level, the next target for bears will be at the 0/8 one. After reaching it, the market may start a larger correction.
As we can see at the H1 chart, the price has rebounded from the 8/8 level and Super Trends have formed “bullish cross”. Probably, the pair may break yesterday’s low during the day. If the market is able to stay below the 3/8 level, it may continue falling towards the 0/8 one, which is the closest target.
RoboForex Analytical Department
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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.