Monthly Murrey Math Lines for January 2016 (EUR/USD, USD/CAD)

Monthly Analysis for January 2016

EUR USD, “Euro vs US Dollar”

As we can see at the daily chart, Eurodollar has rebounded from the -2/8 level and been able to stay above the daily Super Trend. In the nearest future, there may be a pullback towards the 0/8 level. If later the price rebounds from this level, it may start another descending movement. In this case, the target will be at the 4/8 level.



At the H4 chart, Eurodollar is moving inside a narrow trading range. Yesterday, the price rebounded from the 2/8 level and managed to stay under the H4 Super Trend, which means that it may resume falling. The first target for bears will be at the 0/8 level.

USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar is still influenced by the strong uptrend. At the daily chart, the price is moving inside “overbought zone”. Bulls are supported by the daily Super Trend, from which the pair rebounded upwards. It’s highly likely that in January the market may test the +2/8 level.



At the H4 chart, the price is moving between Super Trends. Later, the pair may resume growing. I’m planning to increase my long position with the target at the 8/8 level as soon as the market is able to stay above the 6/8 one.



 
RoboForex Analytical Department