Murrey Math Lines 01.11.2016 (EUR/USD, CAD/JPY)
01.11.2016
Analysis for November 1st, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair made a fast movement to break Super Trends, which formed “bullish cross” after that. Consequently, in the nearest future the market may continue growing towards the 5/8 level.
At the H1 chart, the pair is moving inside the “overbought zone”. In the nearest future, the market may continue growing and reach the +2/8 level. If later the price rebounds from this level, the market will start a new descending correction.
CAD JPY, “Canadian Dollar vs Japanese Yen”
The CAD/JPY pair rebounded from the 5/8 level and started consolidating close to Super Trends. As a result, in the nearest future the market may fall towards the 3/8 level.
At the H1 chart, Super Trends have already formed “bearish cross”. Earlier, the price rebounded from the 8/8 level, plummeted up to the 3/8 one, and started the current correction. On Tuesday, the market may move to reach the 2/8 level. If later this level is broken, the pair may continue falling much deeper.
RoboForex Analytical Department
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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.