Murray Math Lines 22.05.2017 (EUR/USD, GBP/JPY)

EUR USD "Euro vs. US Dollar"

The EUR/USD has hit a new high and moved close to a Murray level 4/8. If the pair rebounds from this level, this can be seen as a signal for a new descending correction. The nearest target for the bears is the 3/8 level and Super Trend daily line.

On the H1-chart a Murrey level 8/8 can act as a fairly good resistance level. If this level is rebounded from, we can see how the price moves downwards along a correction move towards the 6/8 level. If this line is rebounded from, the growth can resume to break through the last high.

GBP JPY "Great Britain Pound vs. Japanese Yen"

The cross is consolidating under the 5/8 level. Earlier the Super Trend lines formed a "bearish cross". Consequently, in the near-term the market can move downwards to reach the 3/8 level.

On the H1-chart a double rebound from the2/8 level occurred, which suggests a further downside move. Thus, afterwards a new local low and a test of -2/8 level can occur. If the latter is rebounded from, the Murray analysis will have to be redrawn.