Murrey Math Lines 07.03.2022 (EURUSD, GBPUSD)

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EURUSD, “Euro vs US Dollar”

In the H4 chart, EURUSD is trading below the 200-day Moving Average to indicate a possible descending tendency. In this case, the price is expected to continue falling to reach the support at 0/8. Still, this scenario may no longer be valid if the price breaks 2/8 to the upside. After that, the instrument may reverse and correct towards the resistance at 3/8.

As we can see in the M15 chart, the pair has broken 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, GBPUSD has reached the “oversold area”; right now, it is moving close to 0/8. In this case, the price is expected to break 1/8 and then grow to reach the resistance at 2/8. However, this scenario may no longer be valid if the price breaks the support at 0/8 to the downside. After that, the instrument may continue falling towards -2/8.

As we can see in the M15 chart, the upside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may continue trading upwards only after breaking 1/8 in the H4 chart.

Article By RoboForex.com

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