Murrey Math Lines 18.10.2019 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is trading inside the “overbought area”. In this case, the price is expected to break 8/8 and then continue falling towards the support at 5/8. However, this scenario may no longer be valid if the price breaks +2/8 to the upside. After that, the line at the chart will be redrawn, thus indicating new upside targets.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is consolidating; right now, it is rebounding from 5/8. In this case, the price is expected to resume falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks 5/8. After that, the instrument is expected to continue growling towards the resistance at 6/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards to reach 3/8 from the H4 chart.
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