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Murrey Math Lines 07.11.2016 (EUR/USD, EUR/JPY)

Analysis for November 7th, 2016

EUR USD, “Euro vs US Dollar”

At the end of the last week, bulls attempted to break the 6/8 level, but the price couldn’t stay above it and right now is moving below the H4 Super Trend. Consequently, in the nearest future the market may fall towards the 4/8 level.



As we can see at the H1 chart, the pair couldn’t stay inside the “overbought zone”. If Super Trends form “bearish cross” soon, the price will move to reach the 4/8 level.




EUR JPY, “Euro vs Japanese Yen”

The EUR/JPY pair is testing the 8/8 level again (earlier, it rebounded from this level). If bears rebound from it once more, the closest target will be at the 6/8 level. In case this level is broken as well, the market will continue falling to reach the 4/8 one.



The lines at the H4 and H1 charts are completely the same. To confirm a new descending movement, the market has to break the H1 Super Trend and fix below it.  Later, after reaching the 6/8 level, the pair may start a local ascending correction.



 
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