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Murrey Math Lines 05.02.2015 (EUR/USD, GBP/JPY)

Analysis for February 5th, 2015

EUR USD, “Euro vs US Dollar”

As we can see at the H4 chart, yesterday Eurodollar rebounded from the 3/8 level and then was able to stay below Super Trends. The closest target is at the 1/8 level: if the price breaks it, the market will continue falling towards the 0/8 one. I’ve got only one order so far, but I’m planning to open another one during a correction.

At the H1 chart, after rebounding from the 1/8 level, the price resumed moving downwards. Super Trends formed “bearish cross”. In the near term, the market is expected to reach the 4/8 level and then start a new correction.

GBP JPY, “Great Britain Pound vs Japanese Yen”

The price has rebounded from the 1/8 level three times, which is a strong signal for the pair to start a new ascending movement. The closest target is at the 4/8 level, but in order to reach it, the market has to break the daily Super Trend.

As we can see at the H1 chart, Super Trends have formed “bullish cross”. If later the pair is able to stay above the 5/8 level, the market may continue growing towards the upper levels.

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