Analysis for November 5th, 2015
EURUSD, “Euro vs US Dollar”
Eurodollar continues moving downwards. If the price is able to stay below the 1/8 level, it may continue falling to reach the 0/8 one. If this level is broken as well, the market may fall deeper, towards the -2/8 one.
At the H1 chart, Eurodollar is moving at the bottom. If the pair rebounds from Super Trends, the market may continue moving downwards. After the price breaks the -2/8 level, the lines at the chart will be redrawn.
USDCAD, “US Dollar vs Canadian Dollar”
Canadian Dollar has rebounded from the daily Super Trend twice and right now is moving in the middle of the chart. If the price is able to break the 5/8 level and stay above it, the pair will continue moving upwards to reach the 7/8 one.
As we can see at the H1 chart, Super Trends have formed “bullish cross”. It’s highly likely that the market may reach a new local high on Thursday. I opened another buy order during the correction.
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