Murrey Math Lines 22.03.2021 (EURUSD, GBPUSD)

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EURUSD, “Euro vs. US Dollar”

In the H4 chart, EURUSD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to rebound from 3/8 and resume falling to reach the support at 2/8. Still, this scenario may no longer be valid if the price breaks the resistance at 3/8 to the upside. After that, the instrument may continue growing towards 5/8.

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 its decline.

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart of GBPUSD, the price is also trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the asset is expected to test 3/8, rebound from it, and then resume falling towards the support at 1/8. However, this scenario may no longer be valid if the price breaks the resistance at 3/8 to the upside. After that, the instrument may reverse and grow to reach 5/8.

As we can see in the M15 chart, the price has broken the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

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.