Murrey Math Lines 18.10.2016 (EUR/USD, GBP/USD)
18.10.2016
Analysis for October 18th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair couldn’t stay under the 4/8 level after all and started the current ascending correction. If later the market rebounds from the 5/8 level, the price may resume its descending movement towards the 3/8 one.
At the H1 chart, Super Trends formed “bullish cross”, which means that the correction may continue. The closest target is at the 2/8 level. If later the pair rebounds from this level, it may start a new decline. However, if this level is broken, the current correction may continue up to the 3/8 level and the H4 Super Trend.
GBP USD, “Great Britain Pound vs US Dollar”
In case of the GBP/USD pair, the correction continues as well. If the price breaks the H4 Super Trend in the nearest future, the market may reach the 1/8 level. After reaching this level and rebounding from it, the price and start a more significant correction.
At the H1 chart, the pair is moving in the middle; Super Trends are still influenced by “bearish cross”. If the price manages to fix below the 4/8 level and Super Trends during the day, later it may reach the 3/8 one.
RoboForex Analytical Department
Attention!
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.