Murrey Math Lines 04.10.2016 (EUR/USD, GBP/JPY)
04.10.2016
Analysis for October 4th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is testing the 2/8 level again. If the price rebounds from this level for the second time, it may test the 4/8 level and Super Trends once again. However, if the 2/8 level is broken, the market may reach the 0/8 one.
At the H1 chart, the pair couldn’t stay above the 8/8 level. However, if the 6/8 level provides support, the market may resume growing and try to break the 8/8 one again.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The GBP/JPY pair rebounded from the H4 Super Trend and may resume its decline. The closest target is at the 2/8 level. After reaching this level, the price may start a new ascending correction.
At the H1 chart, Super Trends are still influenced by “bearish cross”. Yesterday, the price rebounded from the 4/8 level and started falling fast. If later the pair is able to fix below the 3/8 level, the market will continue falling to reach the 0/8 one.
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