Analysis for February 24th, 2015
EUR USD, “Euro vs US Dollar”
Euro is still being corrected below Super Trends. The closest target is at the 2/8 level. If the market breaks it, it may continue falling and reach the 0/8 one. Later, after the price breaks the minimum, 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.
USD JPY, “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’ve moved the stop losses on my buy order into breakeven.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The main trend is still bullish. Considering that the pair has been 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.
As we can see at the H1 chart, the pair is trying to enter “overbought zone”. Earlier the price rebounded from Super Trends and bulls were able to reach a new local high. In the near term, the market is expected to continue growing towards the +2/8 level.
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