Murrey Math Lines 01.03.2021 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
In the H4 chart, after breaking the 200-day Moving Average, EURUSD is trading below it. In this case, the price is expected to continue falling to reach the closest support at 5/8. However, this scenario may no longer be valid if the price breaks 7/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 8/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, after breaking 3/8, GBPUSD is trading below it. In this case, the price is expected to break the support at 2/8 and then continue the correction towards 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 growing and reach the resistance at 4/8.
As we can see in the M15 chart, the price has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.
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