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Murrey Math Lines 05.10.2016 (EUR/USD, GBP/JPY)

Analysis for October 5th, 2016

EUR USD, “Euro vs US Dollar”

Yesterday, the EUR/USD pair couldn’t stay below the 2/8 level and, as a result, returned to the 4/8 level and Super Trends. If the price is able to fix above these levels, the market may move upwards a little bit to reach the 6/8 one.

At the H1 chart, the pair is moving inside the “overbought zone”. Yesterday, the price rebounded from the 5/8 level and moved upwards very fast. If the 8/8 level is broken during the day, the market will continue growing.

GBP JPY, “Great Britain Pound vs Japanese Yen”

The GBP/JPY pair is still consolidating. The 4/8 level and the H4 Super Trend provide resistance. If the price rebounds from them, the market may resume its decline and reach the 2/8 level.

At the H1 chart, the pair is being corrected near the 4/8 level. Super Trends are still influenced by “bearish cross”. Consequently, in the nearest future, the market may resume falling.

RoboForex Analytical Department

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