Murrey Math Lines 17.01.2022 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
In the H4 chart, after rebounding from the resistance at 8/8, EURUSD is trading downwards. In this case, the price is expected to test 7/8, rebound from it, and then resume falling to reach the support at 5/8. Still, this scenario may no longer be valid if the price breaks 7/8 to the upside. After that, the instrument may continue growing and test the resistance at 8/8.
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.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD is trading within the “overbought area”. In this case, the price is expected to break 8/8 and then continue falling towards the support at 6/8. However, this scenario may no longer be valid if the price breaks +1/8 to the upside. After that, the instrument may continue growing to reach the 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 its decline towards 6/8 in the H4 chart.
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