Analysis for January 8th, 2016
The lines at the daily and H4 charts are completely the same. Eurodollar has rebounded from the 0/8 level twice and been able to stay Super Trends, which may form “bullish cross” quite soon. In the nearest future, the market may continue growing towards the 3/8 level.
EUR USD, “Euro vs US Dollar”
At the H1 chart, Eurodollar is moving in the middle. I’m planning to open another sell order as soon as the market resumes growing and stays above the 3/8 level. The closest target is the 8/8 level. After reaching it, the pair may rebound and start a local correction.
USD CAD, “US Dollar vs Canadian Dollar”As we can see at the H4 chart, Canadian Dollar has rebounded from the 8/8 level, and, as a result, may start a new descending correction. If the 7/8 level and the H4 Super Trend provide support, the market may resume growing. Otherwise, the current correction ay continue up to the 6/8 level.
At the H1 chart, the price may continue moving towards the 6/8 level. If the pair breaks this level, the current bearish correction may become much deeper. In this case, the closest target will be at the 4/8 level.
RoboForex Analytical Department
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