Analysis for April 20th, 2016
EUR USD, “Euro vs US Dollar”
After a fast ascending movement, Eurodollar has started a correction. In the nearest future, the market may move towards the H4 Super Trend. The future scenario directly depends on how the price will move close near this line. If the pair breaks it and stays below, the price may start a deeper correction.
At the H1 chart, the price hasn’t been able to stay above the 5/8 level and may fall towards the 3/8 one during the day. If Eurodollar breaks the 3/8 level, it may continue moving downwards. However, if the pair rebounds from it and later stays above the 4/8 level, bulls may return to market.
USD CAD, “US Dollar vs Canadian Dollar”
Canadian Dollar hasn’t been able to stay below the 0/8 level and right now is moving above it. If in the nearest future the market breaks the H4 Super Trends and stays above it, the price will continue moving upwards. One of the targets for bulls is the daily Super Trend: after reaching it, the pair resumed falling and updated its minimum several times.
At the H1 chart, the price has rebounded from the -1/8 level. The closest target is at the 2/8 level. If the market breaks this level, it will continue its ascending movement. However, if the market rebounds from this level, the pair may break the 0/8 one and enter the “oversold zone”.
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