Murrey Math Lines 03.06.2019 (EURUSD, GBPUSD)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, EURUSD has broken the 2/8 level and may continue growing towards the 5/8 one, the upside border of the range where it has been trading since April 23rd. However, this scenario may no longer be valid if the price breaks the 1/8 level. In this case, the instrument may resume moving downwards to reach the support at the -1/8 level.

In the H1 chart, the pair may break the 5/8 level and continue trading upwards. Right now, the price is trying to fix above this level, but there is a slight possibility that it may fall down the 4/8 level and consolidate there for a while. Later, the instrument is expected to rebound from this level and resume growing.

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, last Friday bulls prevented bears from breaking the -1/8 level and pushing GBPUSD past it, thus continuing the downtrend, although they had very few chances to succeed. Buyers will get stronger with every rising candlestick – this may result in breaking the 0/8 level and later reaching the resistance at the 2/8 one. However, this scenario may no longer be valid if the pair breaks the 0/8 level. In this case, the instrument may continue falling towards the -1/8 level.

As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may trade upwards.