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Murrey Math Lines 03.11.2016 (EUR/USD, EUR/JPY)

Analysis for November 3rd, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair rebounded from the 6/8 level. Taking into account that earlier the price had rebounded from the 2/8 level, in the nearest future the local correction may take place. The closest target for bears is at the 5/8 level.

At the H1 chart, the pair couldn’t stay inside the “overbought zone” after all. If later the price is able to fix below the H1 Super Trend, the market may start a new correction towards the 6/8 level.

EUR JPY, “Euro vs Japanese Yen”

The EUR/JPY pair is moving below Super Trends, which may soon form “bearish cross”. If they do, the market will continue falling to reach the 2/8 level.

At the H1 chart, the current decline was stopped by the 4/8 level and the pair starts a new local correction. Possibly, on Thursday bears may try to test the 3/8 level. If they break it, the market may continue falling to test the 2/8 one.

RoboForex Analytical Department

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