Murrey Math Lines 28.10.2019 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
In the H4 chart, EURUSD is moving between 6/8 and 5/8. In this case, the price is expected to continue trading downwards to reach the support at 4/8. However, this scenario may no longer be valid if the price breaks 6/8 to the upside. After that, the instrument may continue growing and test the resistance at 7/8 again.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may resume moving downwards.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD is trading at 5/8. In this case, the price is expected to rebound from this level and then resume growing to reach the resistance at 7/8. However, this scenario may no longer be valid if the price breaks 5/8. After that, the instrument is expected to continue falling towards the support at 3/8. Still, both scenarios are equally probable, that’s why it would be better to take a look at the M15 chart, which may clear the situation.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, continue trading downwards. Still, if the price breaks the upside line, this scenario will be canceled.
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