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Murrey Math Lines 04.05.2015 (EUR/USD, EUR/JPY)

Analysis for May 4th, 2015

EUR USD, “Euro vs US Dollar”

The pair is still moving in the middle of the chart; bulls are supported by supported by Super Trends. Possibly, in the nearest future the price may test the 5/8 level; if it breaks this level, the market will continue growing.



At the H1 chart, the pair is being corrected between Super Trends. Probably, in the nearest future the market may test the 6/8 level: if it rebounds from this level, the pair may resume growing. If later the price is able to break the 8/8 level, it will continue growing inside “overbought zone”.




EUR JPY, “Euro vs Japanese Yen”

The pair continues growing inside the current uptrend. Considering that reverses hardly ever occur at the 6/8 level, the pair may continue moving upwards. The closest target is at the 8/8 level.



As we can see at the H1 chart, the pair is trying to break the 8/8 level. In general, the current correction may yet continue during Monday, but later the pair is expected to stay above Super Trends. In this case, I’m planning to increase my long position.



 
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