Murrey Math Lines: EUR/USD, XAU/USD
|EURUSD, "Euro vs. US Dollar"
As we can see at the H4 chart, the EUR/USD pair has broken the 3/8 level at 1.1901 to the downside and left the consolidation channel. In this case, the most probable scenario implies that the price may fall towards the support at the 0/8 level at 1.1718. However, this scenario may be cancelled if the pair breaks the 3/8 level to the upside. In this case, the instrument may grow to reach first target at the 5/8 level at 1.2023.
At the H1 chart, the pair may rebound from the 2/8 at 1.1901 and continue falling towards 1.1718. However, the current descending movement may face a serious resistance at the 0/8 level at 1.1840. If the pair rebounds from the 0/8 level, the instrument may resume growing to reach 1.2085.
XAUUSD, "Gold vs US Dollar"
As we can see at the H4 chart, the XAU/USD pair is still trading to the downside to reach the target at the 3/8 level at 1296.88.
At the H1 chart, the price may be corrected towards the 2/8 level at 1328.13. in case the price reaches this level, one should wait until it rebounds and open a position only after that. If the price breaks the 1/8 level at 1320.31, the instrument may continue falling without testing the 2/8 one at 1328.13.
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