Murrey Math Lines 04.10.2021 (EURUSD, GBPUSD)
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 continue falling to reach the support at 1/8. Still, this scenario may no longer be valid if the price breaks the resistance at 2/8 to the upside. After that, the instrument may correct and reach 3/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue its decline.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is also trading below the 200-day Moving Average, thus indicating a possible descending tendency. In this case, the asset is expected to rebound from 7/8 and then resume falling towards the support at 6/8. However, this scenario may no longer be valid if the price breaks 7/8 to the upside. After that, the instrument may reverse and grow to reach the resistance at 8/8.
In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.