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Murrey Math Lines 07.12.2015 (EUR/USD, USD/CAD)

Analysis for December 7th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has faced resistance from the 2/8 level and started a descending correction. If later the price is supported by the 0/8 level and rebounds from it, the market may resume its ascending movement.

At the H1 chart, the price is getting closer to the 4/8 level. If the pair rebounds from this level, the ascending correction may continue. However, the door swings both ways: if the price breaks the 4/8 level and stays below it, the market may continue falling.

USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar is trying to stay above the 8/8 level inside “overbought zone”. Earlier, the price was supported by the 6/8 level and rebounded from it several times. In the nearest future, the market may continue moving towards the 2/8 level.

At the H1 chart, the price is moving at the top as well. If the pair breaks the 2/8 level during the day, the lines at the chart will be redrawn.

RoboForex Analytical Department

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