Murrey Math Lines 05.05.2016 (EUR/USD, USD/CAD)
05.05.2016
Analysis for May 5th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is still moving between Super Trends. If in the nearest future the price rebounds from daily Super Trends and the 3/8 level, the pair may start a new ascending correction. However, if the market breaks these levels and stays below them, the pair will continue falling.
The lines at the H4 and H1 charts are completely the same, but at the H1 chart Super Trends have formed “bearish cross”. It’s highly likely that the price may test the 3/8 level soon. If the pair rebounds from this line, it may start a new local correction.
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar has been able to stay above the 1/8 level. However, if the price rebounds from the 2/8 level, the pair may start a new local correction towards the H4 Super Trend.
The price wasn’t able to break the 7/8 level, but later was supported by the 6/8 one. Consequently, in the nearest future the pair may test the 8/8 level. If the price rebounds, the market will 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.