Murrey Math Lines 05.09.2022 (EURUSD, GBPUSD)
EURUSD, "Euro vs US Dollar"
On H4, the quotes rest under the 200-day Moving Average, which indicates the prevalence of a downtrend. We expect a test of 2/8, a breakaway of this level, and falling to the support level of 1/8. The scenario can be cancelled by a breakaway of the resistance level of 3/8 upwards. In this case, the pair might return to 5/8.
On M15, the lower line of VoltyChannel is broken away. This confirms the downtrend and a high probability of further price falling.
GBPUSD, "Great Britain Pound vs US Dollar"
On H4, the quotes are in the oversold area. We should expect a bounce off -2/8 and subsequent growth to the resistance level of 0/8. The scenario can be cancelled by a breakaway of -2/8 downwards, which will reshuffle Murrey lines and set new goals of price movements.
On M15, a breakaway of the upper border of VoltyChannel will increase the probability of growth to 0/8 on H4.
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.