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Murrey Math Lines 08.08.2016 (EUR/USD, GBP/USD)

Analysis for August 8th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar is consolidating between Super Trends. Earlier, the price failed to break the 1/8 level and started the current correction. If later the pair is able to stay under this level, the market may fall towards the -1/8 one.

At the H1 chart, Super Trends are still influenced by “bearish cross”. At the end of the last week, the price rebounded from the 2/8 level and started the current ascending correction. If the pair is able to stay under Super Trends, the market may continue falling towards the 0/8 level.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still falling. Earlier, Super Trends formed “bearish cross”. It looks like in the nearest future the price may continue moving downwards to reach the 1/8 level.

As we can see at the H1 chart, the pair has rebounded from the H1 Super Trend. Considering that the price is already moving under the 3/8 level, it may continue falling towards the 0/8 one. After reaching it, the market may start a new ascending correction.

RoboForex Analytical Department

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