Murrey Math Lines 18.08.2016 (EUR/USD, USD/CAD)
18.08.2016
Analysis for August 18th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still moving inside the “overbought zone”. Earlier, the price rebounded from the H4 Super Trend and reached a new low. If later the price breaks the +2/8 level, the lines at the chart will be redrawn.
The lines at the H4 and H1 charts are completely the same. To confirm a new ascending movement, the pair has to rebound from the +1/8 level and the H1 Super Trend. Otherwise, if the price breaks these levels, the current correction may become much deeper.
USD CAD, “US Dollar vs Canadian Dollar”
The USD/CAD pair has rebounded from the H4 Super Trend and started falling. Earlier, the 8/8 level provided resistance. The closest target is at the 0/8 level. After reaching it, the market may start a new correction.
The lines at the H4 and H1 charts are completely the same, and it makes the 0/8 level even more important. If the price is able to stay below the 2/8 level during the day, the market may continue moving downwards.
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