Murrey Math Lines 20.09.2016 (EUR/USD, GBP/JPY)
20.09.2016
Analysis for September 20th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair couldn’t fix below the 3/8 level on the first try, which resulted in a new ascending correction. To confirm a new decline, the price has to stay under the H4 Super Trend. If it happens, the market will continue falling to reach the 1/8 level.
At the H1 chart, the pair is moving in the middle as well. Consequently, if the price is able to stay below the 3/8 level, the market will resume falling and reach its closest target at the 0/8 one.
GBP JPY, “Great Britain Pound vs Japanese Yen”
After all, the GBP/JPY pair managed to stay under the 5/8 level, which means that it may continue falling. The closest target is at the 4/8 level. If the price rebounds from this level, the market will start a new ascending correction.
At the H1 chart, the price rebounded from the H1 Super Trend several times. It looks like in the nearest future the pair may continue falling towards the 0/8 level. The future scenario depends on how the market will move there: if it rebounds from the level, the pair may start a new correction; if this level is broken, the market will continue falling much faster.
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