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Murrey Math Lines 30.08.2016 (EUR/USD, USD/CAD)

Analysis for August 30th, 2016

EUR USD, “Euro vs US Dollar”

After Super Trends had formed “bearish cross”, bears returned to the market. It’s highly likely that in the nearest future the EUR/USD pair may continue moving downwards to reach the 1/8 level.

As we can see at the H1 chart, the pair is being corrected close to the 2/8 level. If the price is able to stay under this level, the market will continue falling to reach the 0/8 one.

USD CAD, “US Dollar vs Canadian Dollar”

The USD/CAD pair is trying to break the weekly Super Trend. If the price stays above this level, the closest target for bulls will be at the 7/8 one. In case the market rebounds from the latter level, the pair will start a new descending correction.

At the H1 chart, the pair is moving at the top. Earlier, Super Trends formed “bullish cross”. Consequently, if the price stays above the 8/8 level, the market will continue moving upwards to reach the 2/8 one.

RoboForex Analytical Department

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