Murrey Math Lines 12.07.2019 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
In the H4 chart, EURUSD is consolidating between 3/8 and 5/8. In this case, the price may test 5/8, rebound from it, and then resume falling to reach the support at 3/8. 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 H1 chart, the pair is no longer trading inside the “oversold area”, which indicates a high possibility of further growth towards 3/8. As a result, the price may break 5/8 in the H4 chart and continue growing to reach the resistance at 7/8.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is trading above 5/8 and may continue moving upwards to reach the resistance at 7/8. However, this scenario may no longer be valid if the price breaks 5/8. After that, the instrument may resume moving downwards to reach the support at 4/8.
In the H1 chart, the pair is trading at 3/8. If it rebound from this level, the instrument may move downwards to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks 4/8. After that, the instrument may resume moving upwards to reach the resistance at 6/8.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.