Murrey Math Lines 13.03.2020 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
In the H4 chart, EURUSD is consolidating. In this case, the pair may test 4/8, rebound from it, and then start a new decline towards the support at 2/8. However, this scenario may no longer be valid if the price breaks 4/8 to the upside. After that, the instrument may continue growing to reach the resistance at 5/8.
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 moving downwards.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, the pair is moving inside the “oversold area”. In this case, GBPUSD is expected to break 1/8 and then start a slight correction towards the support at 0/8. However, this scenario may no longer be valid if the price breaks -2/8 and. After that, the lines in the chart will be redrawn, thus indicating new downside targets.
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. In this light, the growth towards 0/8 from the H4 chart should be considered only as an ascending correction.
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