Murrey Math Lines: EUR/USD, GBP/USD
|EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD has broken the 2/8 level and, as a result, may continue trading downwards to reach the support at the 0/8 one. Last Friday, there was nothing that could indicate a reverse to the upside. However, the “decline ”scenario may be cancelled if the instrument breaks the 3/8 level. In this case, the instrument may resume trading upwards to reach the resistance at the 5/8 one.
In the M15 chart, the pair is moving below the upside line of the VoltyChannel indicator, which means that the current descending tendency may yet continue.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has almost reached the target at the 0/8 level, which we discussed last Friday. Still, the pressure on the Pound too significant, that’s why today the pair is expected to break the above-mentioned support and continue falling to reach the -1/8 level. However, this scenario may be canceled if the instrument breaks the 1/8 level, thus indicating that market players decided to take profit and reduce their short positions. In this case, the pair may start a new correction with the target at the 3/8 level.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator, which means that the current descending tendency may yet continue. However, if it breaks the upside line, the instrument may start the correction that was described in the H4 chart scenario.
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