Analysis for February 23rd, 2015
EURUSD, “Euro vs US Dollar”
Euro is still being corrected below the H4 Super Trend. The lines at the chart have been redrawn and right now the closest target is at the 2/8 level. If the market breaks it, it may continue falling and reach the 0/8 one. I’m planning to move my stop losses after the market.
As we can see at the H1 chart, the market has rebounded from the 7/8 level three times, which means that it may resume falling. Earlier, Super Trends formed “bearish cross”. I’m planning to increase my short position as soon as the pair is able to stay below the 3/8 level.
USDJPY, “US Dollar vs Japanese Yen”
The pair is still being corrected; Super Trends are still influenced by “bullish cross”. As soon as the market is able to stay above the 5/8 level, the pair may continue growing towards the 8/8 one.
Some targets at the H4 and H1 charts are completely the same. It looks like the pair is going to break the 2/8 level in the nearest future and continue growing towards the 4/8 one. I’m planning to move the stop losses on my buy order after the market.
GBPJPY, “Great Britain Pound vs Japanese Yen”
The main trend is still bullish. If the pair is able to stay above the 5/8 level, it may continue growing to reach the 8/8 one and then start a more serious correction.
The price is moving in the middle of the H1 chart. If the market is supported by Super Trends and later is able to stay above the 5/8 level, it may continue growing towards the 8/8 one.
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