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Murrey Math Lines 09.11.2016 (EUR/USD, EUR/JPY)

Analysis for November 9th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair moved upwards quickly, but was stopped by the 1/8 level and rebounded from it. Later, bears started a fast correction, which was supported by the 5/8 level. In the future, the price may start a short-term growth towards the 7/8 level.

The lines at the H4 and H1 charts are completely the same. At the moment, the pair is being corrected between Super Trends. In the nearest future, the market may reach the H1 Super Trend. The future scenario depends on how the price will move there.

EUR JPY, “Euro vs Japanese Yen”

The EUR/JPY pair is moving in the middle of the chart. Earlier, the price rebounded from the 1/8 level. It looks like in the future the market may test the 3/8 level and start a local bullish correction.

As we can see at the H1 chart, Super Trends formed “bearish cross”. It’s highly likely that on Wednesday the price may try to break the -2/8 level. In case it‘s broken, the lines at the chart will be redrawn.

RoboForex Analytical Department

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