Murrey Math Lines 25.01.2021 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
In the H4 chart, after breaking the 200-day Moving Average to the upside, EURUSD is moving above it, thus indicating an ascending tendency. In this case, the price is expected to break 4/8 and then continue growing towards the resistance at 5/8. However, this scenario may no longer be valid if the price breaks 3/8 to the downside. After that, the instrument may continue trading downwards to reach the closest support at 2/8.
As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is trading within the “overbought area”. In this case, the price is expected to break 8/8 and then continue falling towards the support at 6/8. However, this scenario may no longer be valid if the price breaks the resistance at +1/8 to the upside. After that, the instrument may continue growing and reach +2/8.
In the M15 chart, the price may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.