Murrey Math Lines 11.10.2016 (EUR/USD, NZD/JPY)
11.10.2016
Analysis for October 11th, 2016
EUR USD, “Euro vs US Dollar”
Earlier, the EUR/USD pair rebounded from the 0/8 level and right now it is testing this level one more time. If bears fail to break this level again, the price may start a new local correction towards the 2/8 one.
At the H1 chart, the pair is moving near the 0/8 level as well. The closest target of a possible correction is at the 2/8 level. If later the price breaks this level, the bullish pullback may become more significant and reach the 4/8 one.
NZD JPY, “New Zealand Dollar vs Japanese Yen”
Super Trends formed “bearish cross”, which means that the NZD/JPY pair may resume its decline. If the price is able to fix below the 6/8 level, the market may continue falling to reach the 4/8 one.
At the H1 chart, earlier the pair rebounded from the 7/8 level twice and started moving downwards. At the moment, the price is trading close to the 4/8 level. If the market is able to stay below this level, it may continue falling to test the 2/8 one.
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