Murrey Math Lines 04.01.2017 (EUR/USD, USD/JPY)
04.01.2017
Analysis for January 4th, 2017
EUR USD, “Euro vs US Dollar”
At the daily chart, the EUR/USD pair fixed below the 3/8 level and the daily Super Trend. As a result, in January the price may continue falling towards the 0/8 level. After reaching this level, the market may start a new ascending correction.
As we can see at the H4 chart, the pair was supported by the 5/8 level, which means that the price may start a new ascending correction. The closest target for bulls is at the 6/8 level. If later the market rebounds from this level, the pair may resume moving downwards.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair was supported by the daily Super Trend and, as a result, tested the local high. If later bulls are able to break the 6/8 level, they may continue pushing the price to the upside to reach the 7/8 one.
At the H4 chart, the pair is moving in the middle. Consequently, in the future the price is expected to stop consolidating and try to break the 4/8 level. If bulls are able to keep the price above this level, the market may continue growing and reach the target at the 6/8 one.
RoboForex Analytical Department
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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.