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Murrey Math Lines 06.05.2016 (EUR/USD, EUR/JPY)

Analysis for May 6th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar is still moving between Super Trends. Taking into account that earlier the price rebounded from the 6/8 level, the closest target for bears is at the 2/8 one. If the market rebounds form this level, the pair may start a new correction.

The lines at the H4 and H1 charts are completely the same. The current descending movement is supported by Super Trends, which earlier formed “bearish cross”. It’s highly likely that on Friday the price may reach a new local low.

EUR JPY, “Euro vs Japanese Yen”

The pair is moving under Super Trends again. Earlier, the price made a fast movement and broke the 4/8 level, which provided no significant resistance to bears. During the day, the market may continue falling towards the 1/8 level and reach a new local low.

At the H1 chart, the pair is moving in the middle. If in the nearest future the market breaks the 4/8 level, it may continue falling towards the 3/8 one.

RoboForex Analytical Department

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