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Murrey Math Lines 08.01.2016 (EUR/USD, USD/CAD)

Analysis for January 8th, 2016

EUR USD, “Euro vs US Dollar”

The lines at the daily and H4 charts are completely the same. Eurodollar has rebounded from the 0/8 level twice and been able to stay Super Trends, which may form “bullish cross” quite soon. In the nearest future, the market may continue growing towards the 3/8 level.

At the H1 chart, Eurodollar is moving in the middle. I’m planning to open another sell order as soon as the market resumes growing and stays above the 3/8 level. The closest target is the 8/8 level. After reaching it, the pair may rebound and start a local correction.

USD CAD, “US Dollar vs Canadian Dollar”

As we can see at the H4 chart, Canadian Dollar has rebounded from the 8/8 level, and, as a result, may start a new descending correction. If the 7/8 level and the H4 Super Trend provide support, the market may resume growing. Otherwise, the current correction ay continue up to the 6/8 level.

At the H1 chart, the price may continue moving towards the 6/8 level. If the pair breaks this level, the current bearish correction may become much deeper. In this case, the closest target will be at the 4/8 level.

RoboForex Analytical Department

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