Murrey Math Lines 24.10.2022 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, the quotes failed to rise over the 200-day Moving Average and for now remain under it. The RSI has bounced off the resistance level. A test of 0/8 (0.9765) is to be expected, followed by a breakaway and falling to the support level of -1/8 (0.9643). The scenario can be cancelled by rising above 1/8 (0.9887). This might lead to a trend reversal and growth to 2/8 (1.0009).
On M15, a breakaway of the lower border of VoltyChannel will increase the probability of the decline.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes have broken through the 200-day Moving Average and are now above it, inducating the possibility of an uptrend. The RSI have risen over the resistance level. We should expect a breakaway of 7/8 (1.1474) upwards and growth to the resistance level of 8/8 (1.1718). The scenario can be cancelled by a breakaway of the support level of 6/8 (1.1230) downwards. In this case, the decline will start again, and the quotes might drop to the support level of 5/8 (1.0986).
On M15, the upper border of the VoltyChannel is broken, which increases the probability of further growth
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.