Murrey Math Lines 07.09.2016
EUR USD "Euro vs. US Dollar"
EUR/USD has broken through the daily Super Trend and is trying to hold above the indicator line. If the bulls succeed, the pair will have space to rise towards the 5/8
level. When the price rebounds from this level, this will be a correction signal.
1-H chart shows the market trading in the middle of the levels too. The day before the Super Trend lines formed a “bullish cross”. The near-term target is 6/8
level, and if this one is broken through, we can see the ascending movement accelerated.
USD CAD "US Dollar vs. Canadian Dollar"
After a double rebound from 7/8
level the pair started moving down. Yesterday the Super Trend lines formed a “bearish cross”. Afterwards the price held under the 3/8
level and this suggests a possible continuation of the downtrend towards 0/8
Both charts are similar in terms of levels. If the price is able to rebound from the Super Trend lines, the price can resume moving downwards. If the chart rebounds from 0/8
, we can see an ascending correction start.