Murrey Math Lines 24.06.2019 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the levels have been redrawn. Although the current distance between them is bigger, EURUSD is still trading above 5/8. In this case, the price is expected to continue growing to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 5/8. After that, the instrument may resume moving downwards to reach the support at 3/8.
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 trading upwards.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, bears are getting weaker and their attempted to continue the downtrend have failed. As a result, GBPUSD is no longer trading inside the “oversold area”. In this case, the pair may continue growing to reach the resistance at 2/8. However, this scenario may no longer be valid if the price breaks 0/8. After that, the instrument may resume moving downwards to reach the support at -1/8.
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 trading upwards. However, if the price breaks the downside line, the trend may reverse.
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.