Analysis for August 16th, 2016
The EUR/USD pair started a fast growth and right now is moving inside the “overbought zone”. Taking into account that the price is attempting to rebound from the 1/8 level, it may form a local correction towards the 8/8 one. The future scenario depends on how the market will move at this level. If the price rebounds from it, I’ll go long with the target at the 2/8 level; however, if the price breaks the 8/8 level and stays below it, the market will start a new decline.
EUR USD, “Euro vs US Dollar”
The lines at the H4 and H1 charts are completely the same, and it makes the 8/8 level even more important. Earlier, Super Trends formed “bullish cross” and right now they are moving quite far away from each other, which is another sign of a possible local descending correction.
USD CAD, “US Dollar vs Canadian Dollar”In case of the USD/CAD pair, Super Trends are influenced by “bearish cross”. If the price stays below the 3/8 level, the market will continue falling towards the 1/8 level, at least.
As we can see at the H1 chart, the price has rebounded from Super Trends several times, and last time it broke the local vow. If the price is able to stay below the 3/8 level during the day, I’m planning to open another sell order.
RoboForex Analytical Department
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