Murrey Math Lines 21.12.2016 (EUR/USD, CAD/JPY)
21.12.2016
Analysis for December 21st, 2016
EUR USD, “Euro vs US Dollar”
At the H4 chart, the EUR/USD pair rebounded from the 1/8 level twice, which means that it may start a new ascending correction. The closest target is at the 2/8 level. If later the price rebounds from this level, the market may resume moving downwards.
As we can see at the H1 chart, the pair rebounded from the 0/8 level and right now is moving between Super Trends. To confirm a new correction, the price has to break the 2/8 level and fix above it. If it happens, the market will grow towards the 4/8 level.
CAD JPY, “Canadian Dollar vs Japanese Yen”
The CAD/JPY pair rebounded from the 8/8 level and the daily Super Trend. As a result, in the nearest future the market may resume growing. The closest target is at the +2/8 level. If later the price rebounds from this level, it may start a new bearish correction.
At the H1 chart, the pair is trying to fox above the 5/8 level. Super Trends are about to form “bullish cross”. Consequently, in the nearest future the market may grow towards the 8/8 level.
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