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Murrey Math Lines 22.12.2016 (EUR/USD, EUR/JPY)

Analysis for December 22nd, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair rebounded from the 1/8 level twice and then broke the H4 Super Trend. Consequently, during the next several days the market may form a new ascending correction. The closest target for bulls is at the 2/8 level.



At the H1 chart, bulls couldn’t keep the price below the 0/8 level. Super Trends formed “bullish cross” and the price started a new correction. As a result, in the nearest future the market may grow towards the 4/8 level.




EUR JPY, “Euro vs Japanese Yen”

After rebounding from the 7/8 level, the EUR/JPY pair started a new descending correction, which was later stopped by the daily Super Trend and the 6/8 level. Consequently, in the nearest future the market may continue growing towards the closest target at the 8/8 level.



As we can see at the H1 chart, the pair rebounded from the 0/8 level and then Super Trends formed “bullish cross”. In the nearest future, the market may move upwards. However, after reaching the 4/8 level, the price is expected to start a new local correction.



 
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