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Murrey Math Lines 06.01.2017 (EUR/USD, GBP/JPY)

Analysis for January 6th, 2017

EUR USD, “Euro vs US Dollar”

After rebounding from the 5/8 level four times, the EUR/USD pair started an ascending correction and, as a result, Super Trends formed “bullish cross”. Possibly, after finishing the local correction, the price may test the 7/8 level again. If the pair rebounds from this level, the market may try to resume its decline.



As we can see at the H1 chart, the pair couldn’t break the 8/8 level on the first try and right now is being corrected between Super Trends. Consequently, in the nearest future the market may continue falling towards the 5/8 level. If later the price rebounds from this level, it may try to resume its growth.




GBP JPY, “Great Britain Pound vs Japanese Yen”

The GBP/JPY pair is attempting to fix below the 4/8 level and Super Trends. Earlier, the price rebounded from the 5/8 level. As a result, in the nearest future the market may continue moving downwards to reach the 2/8 level.



At the H1 chart, Super Trends formed “bearish cross”. In the nearest future, the market may fall towards the 0/8 level. To confirm this scenario, the price has to fix below the 3/8 level.



 
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