Murrey Math Lines 07.06.2019 (EURUSD, GBPUSD)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, there were two attempts by EURUSD to leave the consolidation range, but each time it was stopped by the 6/8 level and couldn’t break it, which means that bears are getting strong enough to prevent the pair from continue its growth. As a result, they may break the 5/8 level and then push the price towards the 1/8 one. However, this scenario may no longer be valid if the price breaks the 6/8 level. In this case, the instrument may continue moving upwards to reach the resistance at the 8/8 level.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is trading inside the “oversold area” close to the 0/8 level. In this case, the pair is expected to grow towards the resistance at the 2/8 level. However, the price has already tried to break the 0/8 level twice, but unsuccessfully. That’s why, one should consider a “decline” scenario. Still, the H4 chart contains no key levels, breakout of which may indicate further descending movement, so we should take a look at the shorter timeframe to continue analyzing future movements of this instrument.

In the H1 chart, the situation is completely different. The pair is trading close to the 8/8 level and may continue trading downwards to reach the support at the 5/8 one. To confirm this scenario, the instrument must break the 6/8 level.