Murrey Math Lines 17.06.2019 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD has reached its downside target at 3/8. Later, the price may break this level and then continue falling to reach the support at 0/8. However, this scenario may no longer be valid if the price breaks 4/8. After that, the instrument may resume moving upwards to reach the resistance at 6/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue trading downwards.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is still trading inside the “oversold area”. In this case, the pair may rebound from -1/8 and then resume growing to reach the resistance at 1/8. Last Friday, bulls were rather weak and allowed bears to continue the downtrend, that’s why the above-mentioned scenario may be cancelled if the price breaks -1/8. In this case, the instrument may continue falling to reach the support at -2/8.
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving 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.