Analysis for November 24th, 2014
EUR USD, “Euro vs US Dollar”
A local correction is taking place. Earlier, the price rebounded from the daily Super Trend several times and stayed below it. The closest target is at the 4/8 level. After reaching it, Eurodollar may start a more serious pullback.
As we can see at the H1 chart, the price has rebounded from the 1/8 level. However, I haven’t closed my sell orders, because the targets on major time frames haven’t been reached yet. I’m planning to increase my short positions as soon as the pair is able to stay below the 2/8 level.
CAD JPY, “Canadian Dollar vs Japanese Yen”
The pair has successfully broken the 7/8 level and been able to stay above it. In the future, the price is expected to continue growing and break the 8/8 level. After that, the market may continue moving upwards inside “overbought zone”.
As we can see at the H1 chart, the pair is moving above the +1/8 level and supported by Super Trends, which are inside “green zone”. Possibly, the lines at the chart may be redrawn during the day.
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