Murrey Math Lines 17.05.2016 (EUR/USD, USD/CAD)
17.05.2016
Analysis for May 17th, 2016
EUR USD, “Euro vs US Dollar”
After rebounding from the 1/8 level, Eurodollar was supported by the H4 Super Trend, which means that it may resume falling. The closest target for bears is still at the 0/8 level.
If the price is able to stay under the 3/8 level at the H1 chart, it may continue falling towards the 0/8 one and the H1 Super Trend. The market will start a new descending movement after the pair stays below Super Trends.
USD CAD, “US Dollar vs Canadian Dollar”
After making a fast ascending movement from the -2/8 level, Canadian Dollar started consolidating, and, as a result, Super Trends formed “bullish cross”. The closest target for bulls is at the 4/8 level. If this level is broken, bulls may push the price much higher.
At the H1 chart, bulls were supported by the 1/8 level, as the price rebounded from it. If Super Trends form “bullish cross”, the pair will resume moving upwards. It’s highly likely that in the nearest future the market may break its local maximum.
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