Murrey Math Lines 02.09.2019 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD has reached the “oversold area”. In this case, the price is expected to rebound from 0/8 and start a new correction to the upside to reach the resistance at 3/8. However, this scenario may no longer be valid if the price breaks 0/8 to the downside. After that, the instrument may continue falling towards the support at -2/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, move upwards to reach the resistance at 3/8 from the H4 chart.
GBPUSD, “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 3/8, rebound from it, and then resume growing to reach the resistance at 5/8. However, this scenario may no longer be valid if the price breaks 3/8 and fixes below it. After that, the instrument may continue trading downwards to reach the support at 1/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator once again and, as a result, continue the descending tendency towards 3/8 from the H4 chart.
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