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Murrey Math Lines 10.05.2016 (EUR/USD, USD/CAD)

Analysis for May 10th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has managed to stay under Super Trends, which may form “bearish cross” very soon. If the price is able to break the 2/8 level and stay below it, the market will continue falling to reach the 1/8 one.

As we can see at the H1 chart, the pair has been supported by Super Trends. Consequently, on Tuesday the price may continue moving downwards to reach the -2/8 level. If the pair breaks it, the lines at the chart will be redrawn.

USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar is trying to stay above the 2/8 level and the H4 Super Trend. Consequently, in the nearest future the pair may continue growing towards the 4/8 level.

The lines at the H4 and H1 charts are completely the same. Earlier, Super Trends formed “bullish cross”. On Tuesday, the price may move towards the 3/8 level. After reaching this level, the market may start a new local descending correction.

RoboForex Analytical Department

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