Murrey Math Lines 07.11.2022 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, the quotes have broken through the 200-day Moving Average and are going above it, which signifies possible development of an uptrend. However, the RSI is nearing the overbought area. As a result, we should expect a test of 2/8 (1.0009), a bounce off it, and falling to the support level of 0/8 (0.9765). The scenario can be cancelled by an upward breakaway of the resistance level of 2/8 (1.0009). This may lead to further growth of the pair to 3/8 (1.0131).
On M15, an additional signal confirming the decline will be a breakaway of the lower border of VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes have broken through the 200-day Moving Average and are going below it, which signifies possible development of a downtrend. The RSI is testing the resistance line. Currently, we should expect a downward breakaway of the support level of 6/8 (1.1230) and falling to 5/8 (0.0986). The scenario can be cancelled by an upward breakaway of the resistance level of 7/8 (1.1474). In this case, the pair may reach 8/8 (1.1718).
On M15, a breakaway of the lower line of VoltyChannel will increase the probability of price falling to 5/8 (0.0986) 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.