Murrey Math Lines 19.09.2022 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is trading below the 200-day Moving Average to indicate a possible descending tendency. In this case, the price is expected to test 3/8, break it, and then continue falling to reach the support at 2/8. Still, this scenario may no longer be valid if the price breaks the resistance at 4/8 to the upside. After that, the instrument may reverse and grow towards 5/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD is also trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to break the support at 1/8 and continue falling to reach 0/8. However, this scenario may no longer be valid if the price breaks the resistance at 2/8 to the upside. After that, the instrument may reverse and resume growing towards 3/8.
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.
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