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Murrey Math Lines 04.03.2015 (EUR/USD, NZD/JPY)

Analysis for March 4th, 2015

EUR USD, “Euro vs US Dollar”

Euro is moving near its local lows. The price has broken the 4/8 level and stayed below it, 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 moving inside “oversold zone”. Earlier during a local correction, 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.




NZD JPY, “New Zealand Dollar vs Japanese Yen”

The pair has rebounded from the H4 Super Trend. Earlier, the price was able to stay above the 5/8 level and continued growing towards the 8/8 one. however, in order to decrease risks, I’ve placed the take profit at the 7/8 level. Possibly, the market may reach a new local high during the day.



As we can see at the H1 chart, after breaking the 7/8 level, the pair has been supported by the H1 Super Trend. Moreover, the price has rebounded from it several times, which means that it may start a new ascending movement to break the 8/8 level.



 
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