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Murrey Math Lines 03.08.2020 (EURUSD, GBPUSD)

03.08.2020

EURUSD, “Euro vs. US Dollar”

In the H4 chart, EURUSD is moving inside the “overbought area”. In this case, the price is expected to break 8/8 and continue falling towards the closest support at 7/8. 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 to reach the next resistance at 2/8.

Murrey Math Lines 03.08.2020 EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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.

Murrey Math Lines 03.08.2020 EURUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has rebounded from the resistance at 8/8. The current situation implies that the price may break 7/8 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 8/8 to the upside. After that, the instrument may continue growing to reach 1/8.

Murrey Math Lines 03.08.2020 GBPUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.

Murrey Math Lines 03.08.2020 GBPUSD_M15
Risk Warning: the result of previous trading operations do not guarantee the same results in the future


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