Murrey Math Lines 24.02.2020 (EURUSD, GBPUSD)

24.02.2020

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, EURUSD has completed the correctional uptrend towards 2/8, just as expected. In this case, the price may break 1/8 and then continue trading downwards to reach the support at -1/8. However, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may start a new growth towards the resistance at 5/8.

EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

EURUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, the pair is still consolidating. In this case, GBPUSD is expected to rebound from 4/8 and then resume growing towards the resistance at 6/8. However, this scenario may no longer be valid if the price breaks 3/8 and fixes below it. After that, the instrument is expected to continue falling to reach the support at 1/8.

GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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 trading upwards.

GBPUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

Attention!

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.