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Murrey Math Lines 04.08.2016 (EUR/USD, USD/JPY)

Analysis for August 4th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the 4/8 level, Eurodollar started forming a new descending correction. It’s highly likely that in the future bears may try to test the 2/8 level. If the price rebounds from this level, the market may resume moving upwards.



As we can see at the H1 chart, Super Trends have formed “bearish cross”, which means that the descending correction may yet continue. However, taking into account that the pair rebounded from the 5/8 level twice, in the nearest future the market may start growing a little bit.




USD JPY, “US Dollar vs Japanese Yen”

At the H4 chart, the pair has rebounded from the 1/8 level and started a new correction. It looks like in the nearest future the current flat may continue under the H4 Super Trend. Later, seller may try to reach the 0/8 level.



The lines at the H4 and H1 charts are completely the same, which makes the 1/8 level even more important. It’s highly likely that in the future the price may test the 2/8 level once again. If the pair rebounds from this level, the market may reach a new low.



 
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