Murrey Math Lines 05.08.2015 (EUR/USD, GBP/JPY)
05.08.2015
Analysis for August 5th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is still moving downwards. Super Trends have formed “bearish cross”, which means that the price may continue falling towards new lows. The closest target is at the 0/8 level: if the pair breaks it, the market may fall to test the -1/8 one.
At the H1 chart, the price is trying to stay inside “oversold zone”; bears are supported by the H1 Super Trend. Probably, Eurodollar may break the -2/8 level. In this case, the lines at the chart will be redrawn.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The pair is resuming its growth. If later the price is able to stay above the 5/8 level, the market will continue growing towards the 8/8 one. I’m planning to open another buy order during the correction.
At the H1 chart, the pair is moving inside “overbought zone”. Earlier, Super Trends formed “bullish cross”. it’s highly likely that the price may break the +2/8 level very soon. In this case, the lines at the chart will be redrawn.
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