Analysis for January 29th, 2016
The pair is still consolidating. The price is again moving below the 3/8 level and if later it stays below Super Trends, the market may resume moving upwards. In this case, the target will be at the 0/8 level.
EUR USD, “Euro vs US Dollar”
At the H1 chart, Eurodollar has rebounded from the 7/8 level, which means that the local growth has finished. The closest target for bears is at the 3/8 level. If they break it, the market continue falling much lower.
GBP JPY, “Great Britain Pound vs Japanese Yen”The pair started a fast growth and, as a result, Super Trends formed “bullish cross”. The future scenario depends on how the price will move at the 4/8 level. If it breaks this level, the market will continue growing towards the 5/8 one.
At the H1 chart, the pair is trying to stay above the 7/8 level. Considering that the price hasn’t rebounded from this level like Eurodollar has, the market may yet continue moving upwards. If the price breaks the 8/8 level, it may continue growing towards the 1/8 level.
RoboForex Analytical Department
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