Murrey Math Lines 18.07.2022 (EURUSD, GBPUSD)

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EURUSD, “Euro vs US Dollar”

As we can see 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 test 3/8, rebound from it, and then resume falling to reach the support at 1/8. Still, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may reverse and correct towards the resistance at 5/8.

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”

In the H4 chart, GBPUSD is also trading below the 200-day Moving Average to indicate a possible descending tendency. In this case, the price is expected to test 2/8, rebound from it, and then resume falling to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks the resistance 2/8 to the upside. After that, the instrument may reverse and grow towards 3/8.

As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume trading downwards only after rebounding from 2/8 in 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.