Murrey Math Lines 01.02.2021 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after rebounding from 3/8, EURUSD is moving below the consolidation range. In this case, the price is expected to break 2/8 and then continue falling towards the support at 1/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may continue trading upwards to reach the resistance at 4/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is above the 200-day Moving Average within the “overbought area”, thus indicating an ascending tendency. In this case, the price is expected to break +1/8 and then continue growing towards the resistance at +2/8. However, this scenario may no longer be valid if the price breaks the support at 8/8 to the downside. After that, the instrument may continue falling and reach 7/8.
In the M15 chart, the price may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
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