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Murrey Math Lines 17.02.2015 (EUR/USD, EUR/GBP, GBP/JPY)

Analysis for February 17th, 2015

EUR USD, “Euro vs US Dollar”

Euro is trying to stay below the H4 Super Trend, which is in “red zone”. If the price is able to stay below the 6/8 level, it may start moving towards the 4/8 one, which is the closest target.

As we can see at the H1 chart, after rebounding from the 7/8 level, the market resumed falling. Super Trends formed “bearish cross”. I’m planning to increase my short position as soon as the pair is able to stay below the 3/8 level.

EUR GBP, “Euro vs Great Britain Pound”

The pair is still consolidating; bears are supported by Super Trends. Considering that earlier the price was able to stay below the 3/8 level, later it may break the 1/8 level and then reach the 0/8 one.

The pair is moving in the bottom of the H1 chart; the downtrend is still supported by Super Trends. If the pair is able to stay below the 0/8 level, it may continue falling towards the -2/8 one.

GBP JPY, “Great Britain Pound vs Japanese Yen”

The price is being corrected between Super Trends. If the pair is able to stay above the 5/8 level, it may continue growing to reach the 8/8 one and then start a more serious correction.

As we can see at the H1 chart, the long-term correction has resulted in “bearish cross” formed by Super Trends. We should note that if the price rebounds from the 7/8 level again, I’ll close the most of my orders.

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