Murrey Math Lines 02.12.2016 (EUR/USD, GBP/USD)
02.12.2016
Analysis for December 2nd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is testing the daily Super Trend. In case the price rebounds from it, the market may resume moving downwards. To confirm a new decline, the pair has to fix below the -1/8 level.
At the H1 chart, the pair rebounded from the 6/8 level twice, which means that it may resume falling. The closest target is at the 4/8 level. The price will start moving towards this level after Super Trends form “bearish cross”.
GBP USD, “Great Britain Pound vs US Dollar”
Yesterday, the GBP/USD pair rebounded quickly from the 8/8 level. As a result, in the nearest future the market may fall towards the 6/8 level. If later the pair breaks this level, the market may continue falling much deeper.
At the H1 chart, the pair also rebounded from the 8/8 level and right now is trying to rebound from the 7/8 one. Consequently, on Friday the price may test the 5/8 level. If the pair breaks it, bears may reach the 4/8 level.
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.