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Murrey Math Lines 04.01.2017 (EUR/USD, USD/JPY)

Analysis for January 4th, 2017

EUR USD, “Euro vs US Dollar”

At the daily chart, the EUR/USD pair fixed below the 3/8 level and the daily Super Trend. As a result, in January the price may continue falling towards the 0/8 level. After reaching this level, the market may start a new ascending correction.

As we can see at the H4 chart, the pair was supported by the 5/8 level, which means that the price may start a new ascending correction. The closest target for bulls is at the 6/8 level. If later the market rebounds from this level, the pair may resume moving downwards.

USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair was supported by the daily Super Trend and, as a result, tested the local high. If later bulls are able to break the 6/8 level, they may continue pushing the price to the upside to reach the 7/8 one.

At the H4 chart, the pair is moving in the middle. Consequently, in the future the price is expected to stop consolidating and try to break the 4/8 level. If bulls are able to keep the price above this level, the market may continue growing and reach the target at the 6/8 one.

RoboForex Analytical Department

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