Analysis for March 9th, 2016
EURUSD, “Euro vs US Dollar”
Yesterday, bears returned to the market and stopped the correction. Right now, the price is moving close to Super Trends, and it’s highly likely that the pair may try to stay below them.
“Bullish cross”, formed by Super Trends earlier, remains in effect, but it’s highly likely that they may form “bearish cross” in the nearest future as well. The closest target of the current descending movement is at the 2/8 level. The future scenario depends on how the pair will move after reaching the above-mentioned level.
EURJPY, “Euro vs Japanese Yen”
The pair hasn’t been able to stay above the 0/8 level; the price has rebounded from the daily Super Trend. If bears break the -1/8 level during the day, the market will continue falling towards the -2/8 one.
At the H1 chart, the pair is moving in the middle. Yesterday, Super Trends formed “bearish cross”. After completing the local correction, the market may continue falling. The closest target is at the 2/8 level.
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