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Murrey Math Lines 18.10.2016 (EUR/USD, GBP/USD)

Analysis for October 18th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair couldn’t stay under the 4/8 level after all and started the current ascending correction. If later the market rebounds from the 5/8 level, the price may resume its descending movement towards the 3/8 one.

At the H1 chart, Super Trends formed “bullish cross”, which means that the correction may continue. The closest target is at the 2/8 level. If later the pair rebounds from this level, it may start a new decline. However, if this level is broken, the current correction may continue up to the 3/8 level and the H4 Super Trend.

GBP USD, “Great Britain Pound vs US Dollar”

In case of the GBP/USD pair, the correction continues as well. If the price breaks the H4 Super Trend in the nearest future, the market may reach the 1/8 level. After reaching this level and rebounding from it, the price and start a more significant correction.

At the H1 chart, the pair is moving in the middle; Super Trends are still influenced by “bearish cross”. If the price manages to fix below the 4/8 level and Super Trends during the day, later it may reach the 3/8 one.

RoboForex Analytical Department

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