Analysis for January 7th, 2016
EURUSD, “Euro vs US Dollar”
After rebounding from the 0/8 level twice, Eurodollar has started an ascending correction. If later the market rebounds from the daily Super Trend, it may continue falling towards the -1/8 level.
As we can see at the H1 chart, Super Trends have formed “bullish cross”, which means that the current correction may yet continue. If the 4/8 level provides resistance and the pair rebounds from it, I’m planning to open a sell order, but only after the market stays under Super Trends.
USDCAD, “US Dollar vs Canadian Dollar”
Canadian Dollar has reached the 8/8 level. However, if the price is able to stay above the H4 Super Trend, the market may yet continue growing. In case the pair breaks the above-mentioned level later, it may move upwards to reach the +1/8 one.
At the H1 chart, the price is moving at the top as well. The current growth is supported by Super Trends. If the pair isn’t able to break the 7/8 level, the market will continue moving upwards.
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