Murrey Math Lines 04.07.2016 (EUR/USD, GBP/USD)
04.07.2016
Analysis for July 4th, 2016
EUR USD, “Euro vs US Dollar”
In case of Eurodollar, the correction continues between Super Trends. The 3/8 level, from which the price rebounded last Friday, has provider resistance for the second time in a row. Consequently, in the nearest future the market may resume falling, provided that the pair breaks the H4 Super Trends and stay below it.
The lines at the H4 and H1 charts are completely the same. It’s highly likely that during the day the price may try to break the H1 Super Trend and stay under the 2/8 level. If bears succeed, the market will continue falling towards the 0/8 level.
GBP USD, “Great Britain Pound vs US Dollar”
After rebounding from the 3/8 level, Pound is moving under the H4 Super Trend again. Consequently, in the nearest future the market may fall towards the 1/8 level. If the pair rebounds from this levels, the price may start an ascending correction.
At the H1 chart, Super Trends have formed “bearish cross”. Earlier, the price wasn’t able to stay above the 3/8 level and right now is moving below it. As a result, during the day the market may continue falling towards the 1/8 level.
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