Murrey Math Lines 31.10.2016 (EUR/USD, GBP/USD)
31.10.2016
Analysis for October 31st, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair tested the 4/8 level and rebounded from it. In the nearest future, the market may test this level once again. However, it later the price fixes below the daily Super Trend, the pair may resume its descending movement towards the 0/8 one.
At the H1 chart, the current ascending correction faced resistance from the 8/8 level. On Monday, the pair may reach a new local high. Later, the price may start a new descending movement. To confirm this scenario, the market has to break the 6/8 level and fix below it.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair fixed below the 8/8 level and the H4 Super Trend. Consequently, in the nearest future the market may resume falling. The closest bearish target is at the -2/8 level. After reaching this level, the price may start a new bullish correction.
At the H1 chart, the pair is moving in the middle; Super Trends are still influenced by “bearish cross”. To confirm a new decline, the price has to fix below the 3/8 level.
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.