Analysis for May 4th, 2016
EURUSD, “Euro vs US Dollar”
Eurodollar has rebounded from the 6/8 level (which matches the 7/8 level from the daily chart, and this is important) and started falling very fast. Considering that the price is moving under the H4 Super Trend, later it is expected to fall towards the 3/8 level.
The lines at the H4 and H1 charts are completely the same, but at the H1 chart Super Trends have formed “bearish cross”. If the price breaks the 4/8 level and stays below it during the day, the market will continue falling.
USDCAD, “US Dollar vs Canadian Dollar”
Canadian Dollar has left the “oversold zone” and been able to stay above the 0/8 level. Moreover, Super Trends have formed “bullish cross”. Consequently, in the nearest future the pair may grow to reach the 2/8 level.
The price has been able to stay above the 8/8 level and right now is moving at the top of the H1 chart. It’s highly likely that in the nearest future the pair may break the +2/8 level. In this case, the lines at the chart will be redrawn.
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