Murrey Math Lines 01.08.2016 (EUR/USD, USD/JPY)
01.08.2016
Analysis for August 1st, 2016
EUR USD, “Euro vs US Dollar”
After a fast growth last Friday, Eurodollar is consolidating near the 3/8 level. In addition to that, Super Trends formed “bullish cross”. If the price is able to stay above the 3/8 level, the market will continue growing to reach the 4/8 one.
As we can see at the H1 chart, the price is moving above the 6/8 level. Bulls are supported by the H1 Super Trend: if the pair rebounds from it once again, the market will resume growing and break the previous high. The closest target is at the 8/8 level.
USD JPY, “US Dollar vs Japanese Yen”
After rebounding from the +1/8 level, the market started falling fast and, as a result, Super Trends formed “bearish cross”. In the nearest future, the market may continue moving downwards to reach the target at the 1/8 level.
The lines at the H4 and H1 charts are completely the same. On Monday, the local correction may complete and the price may resume falling. The closest target for bears is at the 1/8 level. After reaching it, the market may start an ascending correction.
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