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Murrey Math Lines 12.08.2015 (EUR/USD, USD/CAD)

Analysis for August 12th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar continues growing quite steadily and may complete its ascending correction. I’m holding a pending sell order under the 5/8 level. I’m planning to resume selling as soon as the price breaks Super Trends downwards.

As we can see at the H1 chart, the pair is moving inside “overbought zone”. In the nearest future, the price may break the 2/8 level. In this case, the lines at the chart will be redrawn. considering that the current growth may be the part of the large correction, I’m staying out of the market.

USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar is still moving inside the uptrend. If the market is able to stay above the 8/8 level, it will continue growing. As soon as it happens, I’ll increase my long position.

As we can see at the H1 chart, Super Trends have formed “bullish cross”. It’s highly likely that the price may test the 8/8 level during the day. If this level is broken, the pair will continue moving upwards.

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