Murrey Math Lines: EUR/USD, USD/CAD
|Analysis for October 21st, 2016
EURUSD, “Euro vs US Dollar”
After consolidating for a while near the 4/8 level, the EUR/USD pair continued its decline. Yesterday, the market attempted to break the H4 Super Trend, but later bears pushed the price to test the 3/8 level. Right now, the instrument is moving below the later level and may continue falling towards the 0/8 one.
At the H1 chart, Super Trends formed “bearish cross” and the pair resumed falling. Considering that the price broke the 1/8 level on the first try, it may test the 0/8 one during the day. If the price breaks the latter level and stays below it, the market may continue falling to reach the -2/8 one.
USDCAD, “US Dollar vs Canadian Dollar”
The USD/CAD pair rebounded from the daily Super Trend and started a bullish rally. Considering that the price stopped at the 5/8 level, the local correction may take place during the day. Later, bulls may try to keep the price above the 5/8 level. If they succeed, the market will grow to reach the nest target at the 8/8 level.
The lines at the H4 and H1 charts are completely the same. Earlier, Super Trends formed “bullish cross” and the pair started growing. On Friday, the price may be corrected towards the 4/8 level. If the market rebounds from this level, it will resume moving upwards.
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