Murrey Math Lines 16.05.2017 (EUR/USD, GBP/JPY)

EUR USD "Euro vs US Dollar"

The EUR/USD pair has hit a new local high and is trying to hold in the "overbought zone". In the near term the price can rise and reach the +2/8 level. If this level is rebound from, the bears can try to resume their downward pressure.

On the H1 chart we can soon see a test of the +2/8 level that can become a starting point for a local correction. Earlier, the Super Trend lines formed a "bullish cross". If we see a breakout of +2/8 level afterwards, we'll rebuild our Murray analysis.

GBP JPY "Great Britain Pound vs Japanese Yen"

The cross keeps moving between the Super Trend lines. In the course of the day the price can hit a new local high. The nearest target for the bears is 4/8 level. It is confirmed when the pair breaks the Super Trend lines and holds under them.

On the H1 chart the pair is being traded in the middle of the Murray picture. During Tuesday we can see a test of 5/8 level. If this mark is rebound from, this can be seen as a start of decline towards 0/8.