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Murrey Math Lines 09.05.2016 (EUR/USD, USD/CAD)

Analysis for May 9th, 2016

EUR USD, “Euro vs US Dollar”

At the daily chart, Eurodollar has rebounded from the 7/8 level very fast, which means that it may start a new correction. At the moment, the market is moving close to the daily Super Trend. If the price breaks it, the pair may continue falling much deeper to reach the 4/8 level.

As we can see at the H4 chart, the pair is still moving between Super Trends, which may form “bearish cross” at the beginning of the week. Consequently, if the price is able to stay under the 2/8 level, it may continue moving downwards.

USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar rebounded from the -1/8 level and later managed to stay above the daily Super Trend. The closest target for bulls is at the 2/8 level – if they break this level, the pair may start a longer ascending correction.

At the H4 chart, Super Trends have already formed “bullish cross”. If on Monday the price breaks the 2/8 level and stays above it, Canadian Dollar will continue growing towards the 4/8 one.

RoboForex Analytical Department

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