Murrey Math Lines 28.11.2016 (EUR/USD, EUR/JPY)
28.11.2016
Analysis for November 28th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair broken the -1/8 level and fixed above it, which means that the price may start an ascending correction. The daily Super Trends in unlikely to prevent bulls from testing the 0/8 level, because earlier it didn’t provide any significant resistance. As a result, after completing the local correction, the market may continue moving upwards.
At the H1 chart, the pair rebounded from the 6/8 level and started a new local correction, which may yet continue on Monday. However, later the price is expected to test the 7/8 level. If the market break it, the pair will move to reach the 8/8 one.
EUR JPY, “Euro vs Japanese Yen”
The EUR/JPY pair is still moving inside the “overbought zone”. Considering that earlier the price rebounded from the 8/8 level, in the future it may resume moving upwards. If later the +2/8 level is broken, the lines at the chart will be redrawn.
As we can see at the H1 chart, Super Trends are still influenced by “bullish cross”. To confirm a new ascending movement, the price has to fix above the +1/8 level. However, if the pair breaks the 8/8 level, the market may start a new descending correction.
RoboForex Analytical Department
Attention!
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.