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Murrey Math Lines 20.10.2016 (EUR/USD, USD/CAD)

Analysis for October 20th, 2016

EUR USD, “Euro vs US Dollar”

After rebounding from the H4 Super Trend, the EUR/USD pair fixed below the 4/8 level. Consequently, in the nearest future the market may test the 3/8 level. If the price rebounds this level, is may start a local ascending correction.

At the H1 chart, the pair is moving inside the “oversold zone”.  Earlier, the price rebounded from the 1/8 level and then Super Trends formed “bearish cross”. As a result, quite soon the market may test the -2/8 level.

USD CAD, “US Dollar vs Canadian Dollar”

Yesterday, the USD/CAD pair rebounded from the daily Super Trend and the 1/8 level. This was the second time the price rebounded from these levels, so later it may resume moving upwards. The closest target is at the 6/8 level. If the market breaks this level, bulls will continue pushing the price much higher.

At the H1 chart, Super Trends formed “bullish cross”. If the price breaks the 4/8 level during the day and stays above it, the market will continue growing towards the 6/8 one.

RoboForex Analytical Department

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