Murrey Math Lines 23.01.2017 (EUR/USD, USD/CAD)

EUR USD, “Euro vs US Dollar”

After rebounding from 7/8 level last Friday, the EUR/USD pair is testing the 8/8 one. Possibly, in the nearest future the price may continue growing. If later the market breaks the 8/8 level downwards, bears may start a new descending correction.

At the H1 chart, the closest target for bulls is at the +1/8 level. In case the price rebounds from this level, bears may start a new local correction, at least. If later the market fixes below the 7/8 level, it may continue falling towards the 4/8 one.

USD CAD, “US Dollar vs Canadian Dollar”

The USD/CAD pair rebounded twice form the 3/8 level, and, as a result, the price started a short-term growth and Super Trends formed “bullish cross”. Considering that the pair failed to fix above the 5/8 level, it may be corrected towards the 4/8 one and the daily Super Trend. If later the price rebounds from these levels, the market will resume moving upwards to reach the 6/8 one.

As we can see at the H1 chart, the 7/8 level provide resistance and, as a result, the pair broke the H1 Super Trend. On Monday, the price may fall towards the 4/8 level. After reaching this level, the market may reverse and resume growing to reach the target at the 8/8 one.

RoboForex Analytical Department