Murrey Math Lines 10.05.2019 (EURUSD, GBPUSD)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, EURUSD is still trading inside the “oversold zone”. Recently, there has been the second attempt over the last 10 days to break the zone and leave it, which means that the bullish sentiment prevails. If the price breaks the 0/8 level and fixes above it, the pair may continue rising to reach the resistance at the 2/8 one. However, this scenario may be cancelled if the instrument breaks the -1/8 level. In this case, one should wait until the lines in the chart are redrawn to define further downside targets.

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 trading upwards. However, if the price breaks the indicator’s downside line, the above-mentioned scenario may be cancelled.

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, GBPUSD is consolidating close to the 5/8 level. The current decline, which started from the resistance at the 8/8 level, didn’t have any serious correction, but it can’t continue this way. As a result, the pair may start a new correction to reach the 6/8 level, rebound from it, and then resume falling towards the support at the 4/8 one. However, this scenario may be canceled if the instrument breaks the 6/8 level. In this case, the pair may continue trading upwards and return to the resistance at the 8/8 one.

In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, start a new correction.