Murrey Math Lines 04.01.2021 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
In the H4 chart, EURUSD is moving inside the “overbought area”. In this case, the price is expected to break 8/8 and then continue falling towards the support at 6/8. However, this scenario may no longer be valid if the price breaks +1/8 to the upside. After that, the instrument may continue trading upwards to reach the resistance at +2/8.
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”
As we can see in the H4 chart, GBPUSD is moving above the 200-day Moving Average, thus confirming an ascending tendency. However, the asset has already reached the “overbought area, that’s why in this case the price is expected to rebound from 8/8 and then resume moving downwards to reach the support at 6/8. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may reverse and grow to reach the resistance at +2/8.
In the M15 chart, the price may break the downside line of the VoltyChannel indicator and, as a result, continue falling.
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