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Murrey Math Lines 28.11.2016 (EUR/USD, EUR/JPY)

Analysis for November 28th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair broken the -1/8 level and fixed above it, which means that the price may start an ascending correction. The daily Super Trends in unlikely to prevent bulls from testing the 0/8 level, because earlier it didn’t provide any significant resistance. As a result, after completing the local correction, the market may continue moving upwards.

At the H1 chart, the pair rebounded from the 6/8 level and started a new local correction, which may yet continue on Monday. However, later the price is expected to test the 7/8 level. If the market break it, the pair will move to reach the 8/8 one.

EUR JPY, “Euro vs Japanese Yen”

The EUR/JPY pair is still moving inside the “overbought zone”. Considering that earlier the price rebounded from the 8/8 level, in the future it may resume moving upwards. If later the 2/8 level is broken, the lines at the chart will be redrawn.

As we can see at the H1 chart, Super Trends are still influenced by “bullish cross”. To confirm a new ascending movement, the price has to fix above the 1/8 level. However, if the pair breaks the 8/8 level, the market may start a new descending correction.

RoboForex Analytical Department

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