Murrey Math Lines 03.11.2016 (EUR/USD, EUR/JPY)
03.11.2016
Analysis for November 3rd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair rebounded from the 6/8 level. Taking into account that earlier the price had rebounded from the 2/8 level, in the nearest future the local correction may take place. The closest target for bears is at the 5/8 level.
At the H1 chart, the pair couldn’t stay inside the “overbought zone” after all. If later the price is able to fix below the H1 Super Trend, the market may start a new correction towards the 6/8 level.
EUR JPY, “Euro vs Japanese Yen”
The EUR/JPY pair is moving below Super Trends, which may soon form “bearish cross”. If they do, the market will continue falling to reach the 2/8 level.
At the H1 chart, the current decline was stopped by the 4/8 level and the pair starts a new local correction. Possibly, on Thursday bears may try to test the 3/8 level. If they break it, the market may continue falling to test the 2/8 one.
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.