Murrey Math Lines 10.07.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are above the 200-day Moving Average on H4, revealing a prevailing uptrend. The RSI is testing the support line. In this situation, the quotes are expected to rise above 4/8 (1.0986) and proceed to the resistance level of 5/8 (1.1074). The scenario can be cancelled by a downward break of 3/8 (1.0925). In this case, the quotes might drop to the support level of 2/8 (1.0864).
On M15, the upper line of the VoltyChannel is broken. This indicates the prevailing uptrend and increases the probability of further price growth.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes remain in the overbought area on H4. The RSI has escaped its own overbought area and is testing the support line. In this situation, a downward break of 0/8 (1.2695) is expected, followed by a price drop to the support at 7/8 (1.2573). The scenario can be cancelled by rising above the resistance level of +1/8 (1.2817). In this case, the pair could rise to +2/8 (1.2939).
On M15, a further price decline could be additionally supported by a breakout of the lower border of the VoltyChannel.
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