Murrey Math Lines 05.07.2019 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after breaking 5/8, EURUSD is consolidating. In this case, the price may continue falling to reach the support at 4/8. However, this scenario may no longer be valid if the price breaks the range to the upside. After that, the instrument may resume moving upwards to reach the resistance at 7/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards to reach 4/8 from the H4 chart.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD is trading below 3/8. In this case, the pair may break 2/8 and continue falling to reach the support at 0/8. However, this scenario may no longer be valid if the price is back inside the consolidation range after breaking 3/8. After that, the instrument may resume moving upwards to reach the resistance at 5/8.
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.
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