Analysis for January 13th, 2017
EUR USD, “Euro vs US Dollar”
The EUR/USD pair returned to the 7/8 level once again. If the price stays below this level and the H4 Super Trend, the downtrend may resume. In this case, the closest target for bears will be at the 6/8 level and the daily Super Trend.
As we can see at the H1 chart, the pair rebounded from the 7/8 level and probably stopped its ascending movement. To confirm a new decline, the market has to fix below the H1 Super Trend. If it happens, the price will resume falling towards the 4/8 level.
GBP JPY, “Great Britain Pound vs Japanese Yen”
Earlier, the GBP/JPY pair rebounded from the 1/8 level and, as a result, the Take Profit on my yesterday sell order worked. In the nearest future, the local correction may start. If later the price is able to stay below the H4 Super Trend, the market may continue falling towards the 0/8 level.
The lines at the H4 and H1 charts are completely the same. It’s highly likely that on Friday the pair may reach a new local high and test the 2/8 level. If later the price rebounds from this level, the market may start a new descending movement.
RoboForex Analytical Department