Murrey Math Lines 07.01.2016 (EUR/USD, USD/CAD)
07.01.2016
Analysis for January 7th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the 0/8 level twice, Eurodollar has started an ascending correction. If later the market rebounds from the daily Super Trend, it may continue falling towards the -1/8 level.
As we can see at the H1 chart, Super Trends have formed “bullish cross”, which means that the current correction may yet continue. If the 4/8 level provides resistance and the pair rebounds from it, I’m planning to open a sell order, but only after the market stays under Super Trends.
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar has reached the 8/8 level. However, if the price is able to stay above the H4 Super Trend, the market may yet continue growing. In case the pair breaks the above-mentioned level later, it may move upwards to reach the +1/8 one.
At the H1 chart, the price is moving at the top as well. The current growth is supported by Super Trends. If the pair isn’t able to break the 7/8 level, the market will continue moving upwards.
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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.