Murrey Math Lines 17.01.2020 (EURUSD, GBPUSD)

EURUSD, “Euro vs. US Dollar”

In the H4 chart, EURUSD is consolidating again. In this case, the price is expected to resume trading downwards to reach the support at 3/8. After that, the instrument may break this level and continue falling towards the support at 1/8.

As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, continue moving downwards to reach 3/8 and 1/8 from the H4 chart.

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, GBPUSD has broken 2/8. In this case, the price is expected to return into the consolidation range and trade towards 5/8. However, this scenario may no longer be valid if the price breaks 1/8 to the downside. After that, the instrument is expected to continue falling to reach the support at -2/8.

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 to reach 5/8 from the H4 chart.