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Murrey Math Lines 11.01.2016 (EUR/USD, USD/CAD)

Analysis for January 11th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the 0/8 level, Eurodollar is attempting to resume its growth. Probably, Super Trends may form “bullish cross”, and after that I’m planning to open another buy order. The closest target for bulls is at the 3/8 level.



At the H1 chart, Eurodollar is moving in the middle. Last week, Super Trends formed “bullish cross”. On Monday, the market may resume growing towards the 1/8 level.




USD CAD, “US Dollar vs Canadian Dollar”

As we can see at the H4 chart, Canadian Dollar has rebounded from the 8/8 level twice, which means that it may start another correction. The closest target is at the 7/8 level. If the price breaks it, the correction may become much deeper.  In this case, it’s important how the price will behave at the daily Super Trend. If the pair breaks it, the price will move to test the 6/8 level.



At the H1 chart, the price is moving in the middle as well. It’s highly likely that on Monday the pair may continue moving towards the 6/8 level. Moreover, during the next several days Super Trends may form “bearish cross”.



 
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