Murrey Math Lines 30.05.2022 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is within the “overbought area”. In this case, the price is expected to break 8/8 and then continue falling to reach the support at 6/8. Still, this scenario may no longer be valid if the price breaks the resistance at +1/8 to the upside. After that, the instrument may reverse and grow towards the next resistance at +2/8.
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, after breaking the 200-day Moving Average, GBPUSD is also trading above it, thus indicating an ascending tendency. In this case, the price is expected to test 4/8, break it, and then continue growing to reach the resistance at 5/8. However, this scenario may no longer be valid if the price breaks the support 3/8 to the downside. After that, the instrument may fall towards 2/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, continue its growth.
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