Murrey Math Lines 08.07.2019 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
In the H4 chart, EURUSD is consolidating between 3/8 and 5/8. In this case, the price may continue falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks the range to the upside. After that, the instrument may resume moving upwards to reach the resistance at 7/8.
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 trading downwards.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is trading at 5/8. In this case, there are two possible scenarios. The first scenario implies that the pair may break 5/8 and continue falling to reach the support at 3/8. According to the second scenario, the price may break 6/8 and then continue moving upwards to reach the resistance at 8/8.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, may continue trading upwards. However, the descending tendency may prevail as long as the instrument is moving below the above-mentioned line.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.