Analysis for May 14th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has broken its maximum and I’ve moved the stop loss on my buy order under the local minimum. The closest target is at the 7/8 level, However, if the price isn’t able to stay above the 5/8 level, a possible ascending movement may be doubtful.
As we can see at the H1 chart, the pair has rebounded from the 7/8 level, and it may completely stop the ascending movement that started earlier. If later the price breaks Super Trends downwards, bears will return to the market.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The pair is trying to stay above the 8/8 level in order to continue growing inside “overbought zone”. Bulls are supported by Super Trends. Later, the price may start a new local correction from the +1/8 level.
At the H1 chart, the pair is attempting to rebound from Super Trends. If later the market breaks the +2/8 level, the lines at the chart will be redrawn. I’m planning to move the stop loss on my orders after the market.
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