Murrey Math Lines 21.12.2020 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
In the H4 chart, after breaking 8/8 and leaving the “overbought area”, EURUSD is expected to continue falling towards 6/8; this movement may be considered as a correction within the uptrend. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may continue trading upwards to reach +1/8.
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.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD is moving above the 200-day Moving Average, thus confirming an ascending tendency. In this case, the price is expected to test 5/8, rebound from it, and then resume moving upwards to reach the resistance at 6/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may reverse and fall to reach the closest support at 4/8.
As we can see in the M15 chart, the price is moving quite far from the upside line of the VoltyChannel indicator and, as a result, may continue growing only after rebounding from 5/8 from the H4 chart.
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