Analysis for February 9th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has tested the 8/8 level one more time and rebounded from it again. After the market is able to stay below the H4 Super Trend, the price may start a new correction with the target at the 4/8 level.
The lines at the H4 and H1 charts are completely the same. As we can see, bulls still haven’t been able to break the 8/8 level. After the price breaks the 6/8 level and stays below it, the market may start a new descending correction.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The pair is still falling quite fast. Yesterday, Super Trends formed “bearish cross”. If the market breaks the 5/8 level and stays below it, it may continue its descending movement towards the 4/8 one.
At the H1 chart, the current decline is supported by Super Trends. The price may resume falling towards the 0/8 level as soon as the market breaks the H1 Super Trends downwards.
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