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Murrey Math Lines 20.02.2015 (EUR/USD, EUR/GBP, GBP/JPY)

Analysis for February 20th, 2015

EUR USD, “Euro vs US Dollar”

Euro is trying to resume its descending movement and stay below the H4 Super Trend. The closest target is still at the 0/8 level. If the market breaks it, it may continue falling and reach the -2/8 one. I’m planning to move my stop loss after the market.



As we can see at the H1 chart, the market has rebounded from the 7/8 level for the third time, which means that it may resume falling; Super Trends have formed “bearish cross”. I’m planning to increase my short position as soon as the pair is able to stay below the 4/8 level.




EUR GBP, “Euro vs Great Britain Pound”

The pair has rebounded from the H4 Super Trend again. Considering that earlier the price was able to stay below the 3/8 level, later it may fall to reach the 0/8 one. If this level is broken as well, bears may push the market deeper.



At the H1 chart, the price is trying to break the 6/8 level; Super Trends are still influenced by “bearish cross”. Most likely, the pair will reach the 0/8 level during the day. After that, the market may start a new local correction.




GBP JPY, “Great Britain Pound vs Japanese Yen”

The main trend is still bullish. 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.



The price is moving in the middle of the H1 chart. If the market is supported by Super Trends and later is able to stay above the 5/8 level, it may continue growing towards the 8/8 one.



 
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