Murrey Math Lines: EUR/USD, GBP/USD
|EURUSD, "Euro vs. US Dollar"
In the H4 chart, EURUSD is consolidating between 3/8 and 5/8. In this case, the price may test 5/8, rebound from it, and then resume falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks the range to the upside. After that, the instrument may resume moving upwards to reach the resistance at 7/8.
Risk Warning: the result of previous trading operations do not guarantee the same results in the future
In the H1 chart, the pair is no longer trading inside the "oversold area", which indicates a high possibility of further growth towards 3/8. As a result, the price may break 5/8 in the H4 chart and continue growing to reach the resistance at 7/8.
Risk Warning: the result of previous trading operations do not guarantee the same results in the future
GBPUSD, "Great Britain Pound vs US Dollar"
As we can see in the H4 chart, GBPUSD is trading above 5/8 and may continue moving upwards to reach the resistance at 7/8. However, this scenario may no longer be valid if the price breaks 5/8. After that, the instrument may resume moving downwards to reach the support at 4/8.
Risk Warning: the result of previous trading operations do not guarantee the same results in the future
In the H1 chart, the pair is trading at 3/8. If it rebound from this level, the instrument may move downwards to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks 4/8. After that, the instrument may resume moving upwards to reach the resistance at 6/8.
Risk Warning: the result of previous trading operations do not guarantee the same results in the future
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