Murrey Math Lines 09.11.2020 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
In the H4 chart, EURUSD is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 3/8 and then continue growing towards the resistance at 5/8. However, this scenario may no longer be valid if the price breaks 2/8 to the downside. After that, the instrument may correct downwards to reach the support at 1/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD has reached the “overbought area”. In this case, the price is expected to rebound from 8/8 and then resume moving downwards to reach the support at 6/8. This movement may be considered as a descending correction. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may continue growing to reach the closest resistance at +1/8.
In the M15 chart, the price is moving quite far away from the downside line of the VoltyChannel indicator, that’s why the pair may resume falling only after a rebound from 8/8 in the H4 chart.
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