Murray Math Lines 09.11.2012 (EUR/GBP, EUR/JPY, USD/CAD)

Analysis for November 9^th, 2012

EUR/GBP

The EUR/GBP currency pair is still being corrected, the bears are supported by the Super Trends’ lines. Most likely, the price will continue moving downwards in the nearest future. The target for the next several days is still at the 0/8 level.  



At the H1 chart the pair is testing the 3/8 level and the Super Trend’s lines. If the market is able to keep the price below these levels, the pair will continue falling down towards the 0/8 one. Later this level may become a starting point of a correction.

EUR/JPY

Yesterday the Super Trends’ lines formed “bearish cross“. It looks like the price finished a local correction and may reach a new local minimum in the nearest future. The pair is moving below the 3/8 level, thus indicating that it may continue falling down towards the 0/8 one.



At the H1 chart the bears are moving the price inside an “oversold zone”. The 0/8 level was too strong for the bulls to break and the market rebounded from it. Most likely, the pair will break the -2/8 level on Friday and the lines at the chart will be redrawn.

USD/CAD

Canadian Dollar is about to enter an “overbought zone”. Yesterday the Super Trends’ lines formed “bullish cross“. There is a possibility that the price may break the 8/8 level during the day. In this case the bulls will continue pushing the price towards the +2/8 level.



At the H1 chart we can see that the market hasn’t been able to keep the price below the 6/8 level so far, thus indicating that the pair may start moving upwards. Most likely, the price will break the 8/8 level within the next several hours. Later the bulls may break the +2/8 level and the lines at the chart will be redrawn.



 
RoboForex Analytical Department