Murrey Math Lines 12.04.2021 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, after rebounding from the 200-day Moving Average, EURUSD is moving below it, thus indicating that the correction is over and the asset is resuming its decline. In this case, the price is expected to break 2/8 and then continue falling to reach the support at 1/8. Still, this scenario may no longer be valid if the price breaks the resistance at 3/8 to the upside. After that, the instrument may reverse and move upwards and reach 5/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD is trading close to the “oversold area”. In this case, the asset is expected to test 0/8, rebound from it, and then resume growing towards the resistance at 2/8. However, this scenario may no longer be valid if the price breaks 0/8 to the downside. After that, the instrument may continue falling to reach the support at -1/8.
As we can see in the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume the ascending tendency only after rebounding from 0/8 from the H4 chart.
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