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Murrey Math Lines 06.05.2015 (EUR/USD, EUR/JPY)

Analysis for May 6th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar is still moving in the middle of the chart. The pair has rebounded from the 3/8 level, which means that the uptrend may resume. If later the price is able to stay above the 5/8 level, the next target for buyers will be at the 8/8 one.



As we can see at the H1 chart, Super Trends may form “bullish cross” in the nearest future. The market is supported by the 6/8 level, which means that it may resume growing. During the local correction I opened another buy order.




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, in the future the pair may continue moving upwards. The closest target for bulls is at the 8/8 level.



As we can see at the H1 chart, the pair is trying to break the 8/8 level again. I’m planning to increase my long position after the pair stays above Super Trends. The closest target is at the 2/8 level. In the market breaks it, the lines at the chart will be redrawn.



 
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