EUR USD, “Euro vs US Dollar”
The EUR/USD pair is testing the 7/8 level again. Earlier, the price rebounded from it twice. If later the price fixes below this level, the market may start a new descending movement towards the 5/8 level.
At the H1 chart, the pair is trading below the 7/8 level. To confirm a new descending correction, the price has to fix below Super Trends. The closest target for bears is at the 4/8 level and the daily Super Trend.
CAD JPY “Canadian Dollar vs Japanese Yen”
The CAD/JPY pair rebounded from the daily Super Trend and the 1/8 level three times. Consequently, in the future the market may fall towards the -2/8 level. To confirm this scenario, the price has to fix below the 0/8 level.
As we can see at the H1 chart, the 2/8 level provided resistance. If Super Trends form “bearish cross” during the day, the pair will continue falling towards the -2/8 level. If later this level is broken, the lines at the chart will be redrawn.
RoboForex Analytical Department