Analysis for February 8th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the 8/8 level twice, which means that it may start a new descending correction. If the market is able to stay below the H4 Super Trend during the day, the price may continue falling towards the 5/8 level.
The lines at the H4 and H1 charts are completely the same. Super Trends have formed “bearish cross” and, as a result, the correction has started. It’s highly likely that on Monday the price will break Friday’s low.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The pair is moving between Super Trends. Earlier, the price rebounded from the 8/8 level and started a new descending correction. If the market is able to stay below the 6/8 level, it may resume its descending movement.
At the H1 chart, the local correction has been supported by the 2/8 level. If later the pair is able to stay under Super Trends, the price may continue falling and break the 0/8 level.
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