Finance

Murrey math lines: EUR/USD, GBP/USD

EUR/USD, “Euro vs US Dollar”

In the H4 chart, EURUSD is trading outside the “overbought area”. In this case, the price is expected to correct downwards and reach the support at 6/8. Still, this scenario may no longer be valid if the price breaks 8/8 to the downside. After that, the instrument may continue growing towards the resistance at +2/8.

As we can see in the M15 chart, the pair has broken the downside line of the Volty Channel indicator and, as a result, may continue its decline.

EURUSD

GBP/USD, “Great Britain Pound vs US Dollar”

In the H4 chart of GBPUSD, the situation is quite alike. After breaking 8/8, the pair is trading below it. In this case, the asset is expected to test 7/8, break it, and then continue falling towards the support at 6/8. However, this scenario may no longer be valid if the price breaks 8/8 to the upside. After that, the instrument may continue trading upwards to reach the resistance at +2/8.

GBPUSD

As we can see in the M15 chart, the pair has broken the downside line of the Volty Channel indicator and, as a result, may continue the descending tendency towards 6/8 from the H4 chart.

GBPUSD

View more information: https://www.fxstreet.com/analysis/murrey-math-lines-eur-usd-gbp-usd-202105240721

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See also  Forex Technical Levels

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