Murrey Math Lines 08.03.2021 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. However, the asset has already reached the downside border of its consolidation range. In this case, the price is expected to rebound from 3/8 and then resume growing to reach the resistance at 5/8. Still, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may continue falling towards the closest support at 2/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue its growth.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is trading at the 200-day Moving Average. In this case, the price is expected to rebound from 1/8 and then resume growing towards the resistance at 3/8. However, this scenario may no longer be valid if the price breaks 1/8 to the downside. After that, the instrument may continue falling and reach the support at 0/8.
In the M15 chart, the price may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards to reach 3/8 from the H4 chart.
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