Analysis for January 12th, 2017
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is testing the 7/8 level once again. If the price fails to stay above this level and breaks it downwards, the downtrend may resume. In this case, the closest target for bears will be at Super Trends.
As we can see at the H1 chart, the pair is getting closer to the 1/8 level. If the price rebounds from this level and later fixes below the 8/8 one, the pair may start a local descending correction, at least. To confirm a new decline, the market has to fix below the H1 Super Trend.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The GBP/JPY pair is still moving downwards; the H4 Super Trends provides resistance. It’s highly likely that in the nearest future the market may continue falling towards the 0/8 level. However, if later the price rebounds from the 1/8 level, the pair may start a new bullish correction.
At the H1 chart, the pair is moving inside the “oversold zone”. After rebounding from the -1/8 level, the price started an ascending correction. If the pair stays under the H1 Super Trend, the market may break the -2/8 level in the nearest future. In this case, the lines at the chart will be redrawn.
RoboForex Analytical Department