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Murrey Math Lines 12.05.2015 (EUR/USD, EUR/JPY)

Analysis for May 12th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar is still moving between Super Trends. Possibly, the pair may test the 3/8 level during Tuesday. If the price breaks this level, the current correction may continue towards the 2/8 one.

As we can see at the H1 chart, the pair is trying to stay below the 3/8 level. Earlier, Super Trends formed “bearish cross”. If the price rebounds from the current levels, it will move towards the 0/8 one to test it.

EUR JPY, “Euro vs Japanese Yen”

The pair has rebounded from the 7/8 level and may start a correction. The closest target is at the daily Super Trend: if the price breaks it, it will continue falling much deeper. In this case, the target will be at the 4/8 level.

At the H1 chart, the pair is attempting to find support from the H1 Super Trend and the 4/8 level. Considering that earlier the price rebounded from the 6/8 level, the next target for bears is at the 2/8 one. I’m planning to move the stop loss on my current sell order to breakeven as soon as the market starts moving downwards.

RoboForex Analytical Department

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