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Murrey Math Lines 16.06.2016 (EUR/USD, USD/CAD)

Analysis for June 16th, 2016

EUR USD, “Euro vs US Dollar”

Super Trends have formed “bearish cross”, which means that Eurodollar may resume moving downwards. If the price is able to stay below the 4/8 level, the next target will be at the 3/8 one.

At the H1 chart, Eurodollar has entered the “oversold zone”. Right now, the main target is at the ‑2/8 level. If the price breaks this level, the lines at the chart will be redrawn. However, if the market rebounds from the -1/8 level, it may start a new local correction towards the 0/8 one.

USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar has been able to break the daily Super Trends after all, which means that it may start growing. If later the price breaks the weekly Super Trends as well, the market may reach the 4/8 level.

At the H1 chart, Canadian Dollar got very close to the 5/8 level. If the pair breaks this level and stays above it, the price may continue growing. In this case, the closest target will be at the 7/8 level. After breaking this level, the market may continue moving upwards to reach new highs.

RoboForex Analytical Department

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