Murrey Math Lines 28.02.2022 (EURUSD, GBPUSD)

EURUSD, “Euro vs US Dollar”

In the H4 chart, EURUSD is trading below the 200-day Moving Average to indicate a possible descending tendency. In this case, the price is expected to test the support at 2/8, break it, and then continue falling to reach 1/8. Still, this scenario may no longer be valid if the price breaks 4/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 5/8.



As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.



GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart of GBPUSD, the situation is quite similar. The asset is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to test 2/8, break it, and then continue falling to reach the support at 1/8. However, this scenario may no longer be valid if the price breaks 4/8 to the upside. After that, the instrument may reverse and grow towards the resistance at 5/8.



As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, continue its decline.



Source: Roboforex

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