Murrey Math Lines 19.10.2020 (EURUSD, GBPUSD)

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EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, EURUSD is moving below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to continue falling towards 1.1596. However, this scenario may no longer be valid if the price breaks 1/8 to the upside. After that, the instrument may continue growing to reach the 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”

As we can see in the H4 chart, GBPUSD is moving below 3/8. In this case, the price is expected to break 2/8 and then continue trading downwards to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may continue growing to reach the closest resistance at 3/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards to reach 0/8 from the H4 chart.

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.