Analysis for January 10th, 2017
EURUSD, “Euro vs US Dollar”
The EUR/USD pair is testing the 7/8 level again; earlier, it rebounded from this level twice. If the price rebounds from it this time again, the market may resume moving downwards. The closest target for bears is at the 6/8 level and Super Trends.
As we can see at the H1 chart, the pair reached the 8/8 level once again and right now is trying to rebound from it. To confirm a new decline, the price has to fix below the 7/8 level and the H1 Super Trend. If it happens, the market may will move to test the 4/8 level.
GBPUSD, “Great Britain Pound vs US Dollar”
The GBP/JPY pair failed to reach the 4/8 level and Super Trends formed “bearish cross”. Taking into account that the price was supported by the -1/8 level, in the nearest future the market is expected to be corrected towards the 0/8 one and the H4 Super Trend. If later the pair rebounds from these levels, it may continue falling.
The lines at the H4 and H1 charts are completely the same. Earlier, Super Trends formed “bearish cross”. If the price rebounds from the 0/8 level, I’m planning to open another sell order. After the market breaks the -2/8 level, the lines at the chart will be redrawn.
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