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Murrey Math Lines 04.08.2015 (EUR/USD, GBP/JPY)

Analysis for August 4th, 2015

EUR USD, “Euro vs US Dollar”

After rebounding from the 3/8 level several times, Eurodollar is trying to stay below Super Trends, which may form “bearish cross” quite soon. It looks like the pair will reach a new local low in the nearest future.

At the H1 chart, the price is moving below the 3/8 level, which means that it may continue falling. Earlier, Super Trends formed “bearish cross”. The closest target is at the 0/8 level, which may later become the starting point of a new correction.

GBP JPY, “Great Britain Pound vs Japanese Yen”

The pair is still moving in the middle of the chart. If the price breaks the 4/8 level and then the 5/8 one, and stays above it, the market may resume growing. I’m planning to move stop losses under the local low as soon as the pair breaks the maximum.

As we can see at the H1 chart, the pair may break the 8/8 level soon and continue growing inside “overbought zone”. After the price breaks the 2/8 level, the lines at the chart will be redrawn.

RoboForex Analytical Department

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