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Murrey Math Lines 08.12.2016 (EUR/USD, GBP/USD)

Analysis for December 8th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is again moving below the 0/8 level. Earlier, Super Trends formed “bullish cross”. The future scenario directly depends on whether the price is able to fix above the 0/8 level. Otherwise, the market may resume its descending movement.

At the H1 chart, the pair is moving inside the “overbought zone” above the 8/8 level. Possibly, during the day the market may test the local low. If the price fails to break the 2/8 level, it may resume falling. To confirm this scenario, the pair has to fix under the 8/8 level.

GBP USD, “Great Britain Pound vs US Dollar”

In case of the GBP/USD pair, the price reached the 7/8 level and started a local ascending correction. Earlier, the pair couldn’t stay above the 8/8 level and fixed below the H4 Super Trend. On Thursday, the market may test the 8/8 level once again. If the price rebounds from this level, it may resume falling.

At the H1 chart, the pair is moving between Super Trends, which earlier formed “bearish cross”. The closest target of the current ascending correction is at the 8/8 level. If later the market rebounds from this level, it may start a new decline.

RoboForex Analytical Department

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