Murray levels analysis on 24 February 2016
EUR USD "Euro to US dollar"
The Eurodollar continued to decline. At the beginning of the trading week, the SuperTrend lines formed a "bearish cross", and afterwards the market was fixed below 3/8, which indicates the possibility of further decline of the currency pair. The immediate target appears to be the 0/8 mark.
On the hourly chart the market is trading in the middle of the congestion of levels with the support of the SuperTrend lines. It is very likely that already during the day a breakdown of the level 4/8 will follow. The intraday target is 3/8, breaking and fixing of the price below which would signal a deeper market decline.
USD CAD "US dollar to Canadian dollar"
During February the Canadian dollar formed three consecutive rebounds from the 0/8 level, which indicates the possible start of an upward correction. The immediate target appears to be the 4/8 mark, confirming the possibility of movement to which will be the price fixing above the SuperTrend lines.
On the hourly chart, the SuperTrend lines formed a "bearish cross". If during the day the market will be able to break the 5/8 mark and stay above it, it will point to the likelihood of a further increase in prices. The objective in this case will be the 8/8 murray level.
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