Murrey Math Lines 23.08.2016 (EUR/USD, USD/JPY)
23.08.2016
Analysis for August 23rd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is moving above the H4 Super Trend again. Earlier, the price couldn’t stay below the 5/8 level, so it may resume moving upwards. The closest target for bulls is at the 7/8 level.
At the H1 chart, Super Trends have formed “bullish cross”. Considering that the price is already moving above the 7/8 level, in the future it may continue grow to break the 8/8 one. If later the market is able to stay above the 8/8 level, it may reach the +2/8 one.
USD JPY, “US Dollar vs Japanese Yen”
At first, the pair rebounded from the 1/8 level several times and fixed below the H4 Super Trend, and then got very close to the 0/8 one. If the price breaks the latter level, bears will continue their rally towards the -2/8 one.
As we can see at the H1 chart, Super Trends have formed “bearish cross”. Earlier, the pair rebounded from the 2/8 level and started the current decline. If the market breaks the 0/8 level and stays below it, the price will continue moving downwards.
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