Analysis for May 19th, 2015
The correction is becoming deeper. Considering that the price has made a reverse from the 6/8 level, the target for bears is at the 2/8 one. If the price rebounds from it, the main uptrend may continue.
EUR USD, “Euro vs US Dollar”
As we can see at the H1 chart, the pair is moving in “oversold zone”. In the nearest future, the market may test the 0/8 level. If the pair rebounds from this level, it may continue falling. After the price breaks the -2/8 level, the lines at the chart will be redrawn.
USD JPY, “US Dollar vs Japanese Yen”Yen is resuming its ascending movement. Probably, in the nearest future Super Trends may form “bullish cross”. If later the price is able to stay above the 5/8 level, the market will continue moving upwards to reach the 8/8 one.
At the H1 chart, the pair is being supported by Super Trends and testing the 7/8 level. If it breaks this level, it may continue growing. After the market breaks the 8/8 level, it will continue growing inside “overbought zone” towards the 2/8 one.
RoboForex Analytical Department
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