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Murrey Math Lines 17.08.2015 (EUR/USD, USD/CAD)

Analysis for August 17th, 2015

EUR USD, “Euro vs US Dollar”

After rebounding from the 7/8 level twice, Eurodollar may resume moving downwards. If the price is able to stay under the H4 Super Trend, bears will return to the market. The closest target is at the 4/8 level.

The lines at the H4 and H1 charts are completely the same. I’m planning to open another sell order as soon as the price is able to stay below the 6/8 level. It’s highly likely that Super Trends may form “bearish cross” on Monday.

USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar has rebounded from the daily Super Trend and right now is trying to stay above the H4 one. Possibly, bulls may break the 8/8 level in the nearest future. In this case, the pair will continue growing inside “overbought zone”.

As we can see at the H1 chart, Super Trends have formed “bullish cross”. After the price stays above the 5/8 level, the next target will be at the 8/8 one. I’m going to move the stop loss on my current buy order to breakeven as soon as the pair breaks the 6/8 level.

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