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Murrey Math Lines 19.10.2016 (EUR/USD, USD/CAD)

Analysis for October 19th, 2016

EUR USD, “Euro vs US Dollar”

Yesterday, the ascending correction “died out” and the EUR/USD pair fixed below the H4 Super Trend. In the nearest future, the market may fall towards the 3/8 level. If later this level is broken, the price may continue falling much faster.

At the H1 chart, Super Trends formed “bearish cross”, which means that the pair may resume its decline. The closest target is at the -2/8 level. If later the price breaks this level, the lines at the chart will be redrawn.

USD CAD, “US Dollar vs Canadian Dollar”

In case of the USD/CAD pair, the situation is rather interesting as the price rebounded from the daily Super Trend and the 2/8 level, which earlier provided support several times. As a result, in the nearest future the market may resume moving upwards.

The lines at the H4 and H1 charts are completely the same. To confirm of a new ascending movement, Super Trends have to form “bullish cross”. If it happens, I’m planning to increase my long position.

RoboForex Analytical Department

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