Murrey Math Lines 09.01.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, which indicates prevalence of an uptrend. The RSI has broken through the resistance level. As a result, we should expect the quotes to break through 7/8 (1.0620) and reach the resistance level of 8/8 (1.0742). The scenario can be cancelled by a downward breakaway of the support level of 6/8 (1.0498), in which case the pair may fall to 4/8 (1.0498).
On M15, the upper line of VoltyChannel is broken away. This indicates prevalence of an uptrend and a high probability of further growth of the price.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes are also above the 200-day Moving Average, which indicates prevalence of an uptrend, and the RSI has broken through the resistance level. In this case, a test of 4/8 (1.2207) is expected, followed by a breakaway and growth to the resistance level of 5/8 (1.2329). The scenario can be cancelled by a downward breakaway of the support level of 3/8 (1.2207), which might lead the price down to 2/8 (1.1962).
On M15, the upper line of VoltyChannel is broken, increasing the probability of further price growth.
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