Murrey Math Lines 29.12.2016 (EUR/USD, GBP/JPY)
29.12.2016
Analysis for December 29th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still being corrected. Yesterday, the price rebounded from the 5/8 level again and right now is moving towards the daily Super Trend. If later the price rebounds from it, the market may resume falling.
At the H1 chart, the 0/8 level provided support and, as a result, Super Trends formed “bullish cross”. In the nearest future, the local correction may take place, but later the market is expected to continue growing towards the +1/8 level.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The GBP/JPY pair rebounded from the 6/8 level and Super Trends, and then resumed its decline. As a result, in the nearest future the market may continue moving downwards to reach the 5/8 level. After reaching this level, the price may start a new local correction.
At the H1 chart, Super Trends formed “bearish cross”. The pair is moving close to the -1/8 level inside the “oversold zone”, which means that a new local correction may be taking place. Later, the market is expected to continue falling and test the -2/8 level. In case this level is broken, the lines at the chart will be redrawn.
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