EUR USD, “Euro vs US Dollar”
Super Trends formed “bullish cross”, which means that the ascending correction may yet continue. The closest target is at the 8/8 level. If later the price rebounds from this level, the market may try to resume its decline.
At the H1 chart, the h1 Super Trends is a support level. On Monday, the pair may continue growing towards the 8/8 level, which may provide resistance. To confirm a new descending correction, later the market has to fix below the 7/8 level.
CAD JPY “Canadian Dollar vs Japanese Yen”
The CAD/JPY pair rebounded from the daily Super Trend and then fixed below the 3/8 level. As a result, in the nearest future the market may resume moving downwards. The closest target for bears is the -2/8 level. If the price breaks this level, the lines at the chart will be redrawn.
At the H1 chart, the pair failed to stay above the 7/8 level and plummeted towards the 4/8 one. If later the price fixes below the 4/8 level, the market will continue falling towards the 1/8 one.
RoboForex Analytical Department