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Murrey Math Lines 03.03.2015 (EUR/USD, USD/CAD)

Analysis for March 3rd, 2015

EUR USD, “Euro vs US Dollar”

Euro is trying to continue its descending movement, which it started last week. The price has broken the 4/8 level, and if later bears are able to stay below the 3/8 level, the market may continue falling towards the 1/8 one.

As we can see at the H1 chart, after breaking the 0/8 level, the pair is trying to stay inside “oversold zone”. During a local correction last Friday, I opened an additional sell order. In the future, the price may break the -2/8 level. In this case, the lines at the chart will be redrawn.

USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar has rebounded from the 6/8 level several times, which means that the market may start another ascending movement. Super Trends have formed “bullish cross”, thus confirming that the pair is expected to start growing.

At the H1 chart, the price is moving in the middle. If the pair is able to stay above the 5/8 level during the day, it may continue growing towards the 8/8 one or even higher.

RoboForex Analytical Department

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