Murrey Math Lines 29.07.2019 (EURUSD, GBPUSD)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, EURUSD is still moving to the downside. In this case, the price may break 3/8 and start a new correction to reach the resistance at 5/8 and finish the downtrend. However, this scenario may no longer be valid if the price breaks 2/8 to the downside. After that, the instrument may continue moving downwards to reach the support at 0/8.
In the H1 chart, the pair may break 5/8 and, as a result, continue growing. Otherwise, the price may resume falling after breaking 3/8.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is trading downwards below 3/8 and may continue falling towards the support at 1/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may resume moving upwards to reach the resistance at 5/8.
In the H1 chart, the pair is trading below the descending channel and may continue moving downwards. If it breaks 2/8, the instrument may start a new ascending correction with the target at the resistance at 5/8.
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.