Murrey Math Lines 10.08.2020 (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 continue falling towards the closest support at 7/8. However, this scenario may no longer be valid if the price breaks the resistance at +1/8 to the upside. After that, the instrument may continue growing to reach the next 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 trading downwards to reach 7/8 from the H4 chart.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is moving close to 7/8. The current situation implies that the price may break 8/8 and then continue growing with the target at +1/8. However, this scenario may no longer be valid if the price breaks the support at 6/8 to the downside. After that, the instrument may continue falling to reach 5/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards.
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