Murrey Math Lines 12.02.2016 (EUR/USD, GBP/JPY)
12.02.2016
Analysis for February 12th, 2016
EUR USD, “Euro vs US Dollar”
Yesterday, Eurodollar reached the 5/8 level and right now is being corrected. If the price rebounds from the H4 Super Trend, the market will continue moving upwards and break yesterday’s high.
At the H1 chart, the current growth faced resistance from the 6/8 level. Earlier, Super Trends formed “bullish cross”. If the price is able to stay above the 5/8 level, it may continue moving upwards to reach the 7/8 one.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The pair is being corrected near the 4/8 level. Several days ago, Super Trends formed “bearish cross”. It’s highly likely that the local correction may complete quite soon and the market will resume its descending movement towards the 2/8 level.
At the H1 chart, the pair hasn’t been able to stay inside “oversold zone” and right now is moving above the 0/8 level. If later the price rebounds from the 1/8 level, it may resume falling and break the minimum.
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