Analysis for March 29th, 2016
EUR USD, “Euro vs US Dollar”
The correction continues. Yesterday, after consolidating for a long time, Eurodollar was able to stay above Super Trends, but it still moving under the 4/8 level. Consequently, after the price breaks the daily Super Trends and stays below it, the price may resume its decline towards the 2/8 level.
At the H1 chart, the price is moving in the middle. Despite “bullish cross” formed by Super Trends, Eurodollar has been able to stay below the 3/8 level and may resume moving downwards. If the pair breaks the 2/8 level, bears will return to the market and continue pushing the price towards the 0/8 one.
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar has broken Super Trends, but if it breaks them upwards again, the market may resume its growth. In this case, the closest target for bulls will be at the 7/8 level. If this level is broken as well, they may reach the 8/8 one.
At the H1 chart, the price is testing the lower border of the “overbought zone”. If the pair rebounds from the 8/8 level and then stays above Super Trends, it may resume moving upwards. If later the market breaks the +2/8 level, the lines at the chart will be redrawn.
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