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Murrey Math Lines 06.02.2015 (EUR/USD, GBP/JPY)

Analysis for February 6th, 2015

EUR USD, “Euro vs US Dollar”

As we can see at the H4 chart, Eurodollar is testing the daily Super Trend again, as well as the 3/8 level. If the price rebounds from them, it will resume falling towards the 0/8 level.

At the H1 chart, the pair is supported by Super Trends and moving near the group of upper retracements. If the price is able to rebound from the 8/8 level again, bears may try to reverse the market downwards.

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. Moreover, the pair has broken Super Trends and been able to stay above them, which means that it may continue moving towards the 4/8 level to test it. If the market breaks this level, the pair may grow much higher.

As we can see at the H1 chart, the price has reached several new highs. If bulls are able to break the 7/8 level, the price may continue growing to reach the 8/8 one and then start a deeper descending correction.

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