Murrey Math Lines 27.05.2019 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD has broken the 3/8 level upwards. Right now, it is consolidating and may continue growing to reach the resistance at the 5/8 one. However, there is a possibility that the price may break the 3/8 level downwards, because it has significantly grown over the previous two trading sessions and may require a slight correction before continuing its ascending tendency. As a result. The instrument may break the 3/8 level and then reach the 2/8 level. After that, the pair may resume moving upwards.
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 to continue the short-term ascending tendency.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD was expected to leave the “oversold zone” last Friday. The price succeeded; it has already broken the 0/8 level and right now is trading above it. In this case, the pair may continue growing to reach the resistance at 3/8 level. However, this scenario may no longer be valid if the instrument breaks the 0/8 level. After that, the price may resume falling towards the support at the -2/8 one.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue moving upwards.
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