Analysis for August 24th, 2016
The EUR/USD pair has rebounded from the 6/8 level twice and broken the H4 Super Trend, which means that it may yet continue moving downwards. The closest target is at the 4/8 level, which is confirmed by the daily Super Trend. If the price breaks both of these levels, the market will continue falling.
EUR USD, “Euro vs US Dollar”
At the H1 chart, Super Trends have formed “bearish cross”. Yesterday, the pair rebounded from the 8/8 level for the second time over the last several days. Consequently, in the nearest future the price may test the 4/8 level. The future scenario depends on how the market will move at this level.
USD JPY, “US Dollar vs Japanese Yen”The USD/JPY pair is still consolidating. Yesterday, the price rebounded from the H4 Super Trend once again, which means that it may resume moving downwards. If the market breaks the 0/8 level in the nearest future, it may reach the -2/8 one quite soon.
As we can see at the H1 chart, Super Trends are still influenced by “bearish cross”. Earlier, the pair rebounded from the 2/8 level and started consolidating, which means that it may start another descending movement. The closest target is at -2/8 level. If the pair breaks it, the lines at the chart will be redrawn.
RoboForex Analytical Department
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