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Murrey Math Lines 16.11.2020 (EURUSD, GBPUSD)

16.11.2020

EURUSD, “Euro vs. US Dollar”

In the H4 chart, EURUSD is trading above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to continue growing towards 4/8. However, this scenario may no longer be valid if the price breaks 2/8 to the downside. After that, the instrument may reverse and fall to reach 0/8.

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 upside line of the VoltyChannel indicator and, as a result, may continue trading upwards.

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”

In the H4 chart, GBPUSD is also moving above the 200-day Moving Average, thus confirming an ascending tendency. In this case, the price is expected to continue moving upwards to reach the closest resistance at 5/8. However, this scenario may no longer be valid if the price breaks 4/8 to the downside. After that, the instrument may reverse and correct downwards to reach the support at 3/8.

GBPUSD_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 price has broken the upside line of the VoltyChannel indicator and, as a result, may continue growing towards 5/8 in the H4 chart.

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

Attention!

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.


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