Murrey math lines: EUR/USD, GBP/USD
|EUR/USD, “Euro vs US Dollar”
In the H4 chart, after breaking the 200-day Moving Average, EURUSD is trading below it, thus indicating a descending tendency. In this case, the price is expected to break 4/8 and continue falling to reach the support at 3/8. Still, this scenario may no longer be valid if the price breaks 5/8 to the upside. After that, the instrument may continue growing towards the resistance at 7/8.
As we can see in the M15 chart, the pair has broken the downside line of the Volty Channel indicator and, as a result, continue its decline.
GBP/USD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the asset is expected to rebound from 7/8 and then resume growing towards the resistance at +1/8. However, this scenario may no longer be valid if the price breaks 7/8 to the downside. After that, the instrument may continue trading downwards to reach the support at 5/8.
As we can see in the M15 chart, the upside line of the Volty Channel indicator is pretty far away from the price, that’s why the pair may resume growing only after rebounding from 7/8 from the H4 chart.
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