Murrey Math Lines 11.05.2016 (EUR/USD, USD/CAD)
11.05.2016
Analysis for May 11th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is moving under Super Trends, which may form “bearish cross” in the nearest future. Considering that earlier the price was able to stay below the 3/8 level, the closest target is at the 1/8 one. If the pair breaks it as well, the market will continue falling to reach the 0/8 level.
At the H1 chart, the pair is moving at the bottom. It’s highly likely that during the day the price may break the 0/8 level. in this case, the next target for bears will be at the -2/8 level.
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar has rebounded from the H4 Super Trend, which means that it may resume moving upwards. The closest target for bulls is at the 4/8 level. After reaching it, the market may start a new local correction. However, if this level is broken, bulls may continue pushing the price upwards.
At the H1 chart, Super Trends are still influenced by “bullish cross” despite the current correction. On Wednesday, the price may continue moving upwards and break its local maximum.
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