Murrey Math Lines: EUR/USD, USD/CAD

RoboForex Team RoboForex

Analysis for August 19th, 2016

EURUSD, "Euro vs US Dollar"

After rebounding from the 6/8 level, the EUR/USD pair started a local correction. Possibly, on Friday the price may test the H4 Super Trend. If the market rebounds from it, the pair will resume growing towards the 7/8 level.

The lines at the H4 and H1 charts are completely the same, and it makes the 7/8 level even more important. Consequently, if the pair is able to stay above the 6/8 level, it will resume moving upwards. Moreover, if later the price breaks the 7/8 level, bulls will test the 8/8 one.

USDCAD, "US Dollar vs Canadian Dollar"

In case of the USD/CAD pair, Super Trends are influenced by "bearish cross". Considering that the price is moving under the 2/8 level, it is expected to continue falling towards the 0/8 one in the nearest future. If later the market rebounds from this level, it may start a new ascending correction.

As we can see at the H1 chart, the 0/8 level is confirmed by levels from longer timeframes. It's highly likely that on Friday the market may break the local low and continue moving to reach its downside targets.

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RoboForex Team

RoboForex

RoboForex Team is a group of professional financial experts with high experience on financial market, whose main purpose is to provide traders with quality and up-to-date market information.

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