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Murrey Math Lines 28.07.2016 (EUR/USD, USD/CAD)

Analysis for July 28th, 2016

EUR USD, “Euro vs US Dollar”

At the H4 chart, Eurodollar is trying to rebound from the 2/8 level. If it succeeds and then stays under the H4 Super Trend, the pair may resume its decline.

As we can see at the H1 chart, the 4/8 level has provided resistance. If the pair rebounds from this level and then stays below the H1 Super Trend, the price may test the 2/8 one. However, it tis level is broken, the market will continue falling much deeper.

USD CAD, “US Dollar vs Canadian Dollar”

Canadian Dollar is moving between Super Trends. If the price breaks the 8/8 level and stays above it, the pair may resume growing. In this case, the price may break the 2/8 level and the lines at the chart will be redrawn.

The lines at the H4 and H1 charts are completely the same. Super Trends formed “bearish cross” during the correction, but if later the price breaks them upwards and stays above, the market may start a new ascending movement.

RoboForex Analytical Department

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