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Murrey Math Lines 17.10.2016 (EUR/USD, GBP/USD)

Analysis for October 17th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is being corrected at the 4/8 level. It’s highly likely that in the nearest future the market may test the H4 Super Trend. If it rebounds from this level, the price may continue its descending movement. In this case, the closest bearish target will be the 3/8 level.

At the H1 chart, the pair is consolidating between Super Trends. If later the price stays under the 0/8 level, it may resume falling and test the -2/8 level. After this level is broken, the lines at the chart will be redrawn.

GBP USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair is still moving under the H4 Super Trend and the 2/8 level. As a result, in the nearest future the market may continue falling towards the 1/8 level. After reaching it, the price may start a new ascending correction.

At the H1 chart, the pair is moving below the 4/8 level and may yet continue falling. Super Trends are still influenced by “bearish cross”. Consequently, in the nearest future the instrument may continue moving towards the 2/8 level.

RoboForex Analytical Department

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