Murrey Math Lines 17.11.2017 (EUR/USD, GBP/USD)

EUR USD, “Euro vs. US Dollar”

As we can see at the H4 chart, the EUR/USD pair has broken the consolidation range between the 3/8 and 5/8 levels to the upside and right now is trading towards the resistance at 8/8 level (1.1962). However, the price may yet break the 5/8 level downwards and resume consolidating to reach the 3/8 one at 1.1657.

The lines at the H4 and H1 charts are completely the same, but unfortunately they don’t make things clearer. The price may either break the 5/8 level at (1.1779) and continue falling towards 1.1657, or break the 6/8 one (1.1840) and start moving upwards to reach 1.1962.

As we can see at the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue trading to the upside and reach 1.1962.

GBP USD, “Great Britain Pound vs US Dollar”

At the H4 chart, the GBP/USD pair is trading close to the 5/8 level (1.3244). If the price breaks this level, the instrument may continue growing towards the resistance at the 8/8 one (1.3427).

As we can see at the H1 chart, the pair hasn’t broken the +2/8 level yet, so there is a possibility that it may resume falling. The scenario that implies a new descending movement may come into effect after the price breaks the +1/8 level at (1.3214). In this case, the target will be the support at the 5/8 level (1.3092).

At the M15 chart, the pair is trading above the downside line of the VoltyChannel indicator, which means that it continue moving upwards.

RoboForex Analytical Department