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Murrey Math Lines 07.07.2016 (EUR/USD, GBP/USD)

Analysis for July 7th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar is attempting to rebound from the H4 Super Trend and the 2/8 level. Earlier, the price faced resistance from the 3/8 level and rebounded from it several times. Consequently, in the nearest future the market may continue falling towards the -2/8 level.



At the H1 chart, Super Trends are influenced by “bearish cross” formed at the beginning of the week. If the price stays below the 3/8 level during the day, it may continue falling towards the 0/8 one. After breaking it, the market will move to reach the -2/8 level.




GBP USD, “Great Britain Pound vs US Dollar”

Pound is being corrected under the H4 Super Trend. It’s highly likely that the price may start a new descending movement towards the 0/8 level. If the market rebounds from this level, the pair may start an ascending correction.



At the H1 chart, the pair is being corrected between Super Trends. If the pair stays under the 2/8 level during the day, the market may break the low and reach the 0/8 one. Later, the price may start a new correction.



 
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