Murrey Math Lines 23.11.2020 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
In the H4 chart, EURUSD is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 3/8 and then continue growing towards the resistance 4/8. However, this scenario may no longer be valid if the price breaks 2/8 to the downside. After that, the instrument may reverse and correct downwards to reach 1/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth towards 4/8 from the H4 chart.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD is also moving above the 200-day Moving Average and the consolidation range, thus confirming an ascending tendency. In this case, the price is expected to continue moving upwards to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 5/8 to the downside. After that, the instrument may reverse and correct downwards to reach the support at 3/8.
As we can see in the M15 chart, the price has broken the upside line of the VoltyChannel indicator and, as a result, may continue growing.
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