Murrey Math Lines 24.05.2016 (EUR/USD, USD/CHF)
24.05.2016
Analysis for May 24th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is still moving inside the “oversold zone” and trying to rebound from the 0/8 level and the H4 Super Trend. The closest target is at the -2/8 level. If the market breaks it, the lines at the chart will be redrawn.
At the H1 chart, the price is also moving at the bottom. The 0/8 level provides resistance as the price has already rebounded from it several times. On Tuesday, Eurodollar may break the -2/8 level. In this case, the lines at the chart will be redrawn.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still consolidating. The H4 Super Trend provides support; the pair has already rebounded from it upwards. Consequently, in the nearest future the market may test the 8/8 level.
At the H1 chart, the price is attempting to rebound from the 2/8 level. Super Trends are still influenced by “bullish cross” formed earlier. It’s highly likely that quite soon the pair may reach the 4/8 level and then start a new local correction.
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