Murrey Math Lines 24.05.2021 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
In the H4 chart, EURUSD is trading outside the “overbought area”. In this case, the price is expected to correct downwards and reach the support at 6/8. Still, this scenario may no longer be valid if the price breaks 8/8 to the downside. After that, the instrument may continue growing towards 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.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart of GBPUSD, the situation is quite alike. After breaking 8/8, the pair is trading below it. In this case, the asset is expected to test 7/8, break it, and then continue falling towards the support at 6/8. 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 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 the descending tendency towards 6/8 from the H4 chart.
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