Murrey Math Lines 02.08.2016 (EUR/USD, USD/JPY)
02.08.2016
Analysis for August 2nd, 2016
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the situation hasn’t changed much over the last 24 hours. The pair is still consolidating near the 3/8 level, and taking into account the fact that earlier Super Trends formed “bullish cross”, we can expect the price to continue growing to reach the 4/8 one.
As we can see at the H1 chart, the price hasn’t been able to stay below the 6/8 level after all. Moreover, right now the market is moving above the H1 Super Trend again. Consequently, in the nearest future the pair may reach the 8/8 level. If the price rebounds from this level, it may start a new descending correction.
USD JPY, “US Dollar vs Japanese Yen”
The pair has rebounded from the H4 Super Trend, which means that it may resume falling. The closest target for bears is at the 1/8 level. If the price rebounds from it, the market may start a new ascending correction.
The lines at the H4 and H1 charts are completely the same. Earlier, Super Trends formed “bearish cross”. As a result, in the nearest future the market may resume moving downwards and break its local low.
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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.