Murrey Math Lines 31.05.2017 (EUR/USD, GBP/JPY)

EUR USD, “Euro vs US Dollar”

Yesterday, the EUR/USD pair failed to break the 3/8 level and the daily Super Trend, and, as a result, started a new ascending correction. On Wednesday, the market may test the 4/8 level. If later the price rebounds from this level, the pair may resume moving downwards.

As we can see at the H1 chart, the 4/8 level provided resistance and, as a result, Super Trends formed “bullish cross”. Consequently, after completing the local correction, the market may continue its ascending movement towards the 8/8 level.

GBP JPY “Great Britain Pound vs Japanese Yen”

The GBP/JPY pair is still trying to fix below the 3/8 level and the H4 Super Trend. If bears keep the price below these levels, the market may continue moving downwards to reach the 2/8 one.

At the H1 chart, the 3/8 level is a strong resistance level, which means that the pair may resume falling. Consequently, in the nearest future the market may continue moving downwards to reach the 0/8 level and then start a new bullish correction.

RoboForex Analytical Department