Murrey Math Lines 02.11.2020 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
In the H4 chart, EURUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to continue falling and break -2/8. If it happens, the lines in the chart will be redrawn. However, this scenario may no longer be valid if the price breaks 0/8 to the upside. After that, the instrument may continue growing to reach the resistance at 1/8.
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 trading downwards to reach -2/8 from the H4 chart.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is also trading below the 200-day Moving Average to indicate the start of a new ascending tendency. In this case, the price is expected to break 3/8 and then continue moving downwards to reach the support at 1/8. However, this scenario may no longer be valid if the price breaks 4/8 to the upside. After that, the instrument may continue growing to reach the closest resistance at 5/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards to reach 1/8 from the H4 chart.
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