Murrey Math Lines: EUR/USD, GBP/USD
|EUR/USD, “Euro vs. US Dollar”
In the H4 chart, EURUSD is moving above 5/8. In this case, the price is expected to continue growing to reach the resistance at 7/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may start a new decline towards the support at 3/8.
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 moving upwards.
GBP/USD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is still consolidating. In this case, the pair is expected to test the resistance at 5/8, rebound from it, and then resume falling to reach the support at 4/8. However, this scenario may no longer be valid if the price breaks 4/8 and fixes below it. After that, the instrument may continue trading downwards to reach the support at 3/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue the descending tendency towards 4/8 from the H4 chart.
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