Murrey Math Lines 10.10.2022 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is trading within the “oversold area” again. The Relative Strength Index is approaching 30, which is a border of the above-mentioned area. In this case, the price is expected to break the resistance at 0/8 (0.9765) and continue growing to reach 1/8 (0.9887). Still, this scenario may no longer be valid if the price breaks the support at -1/8 (0.9643) to the downside. After that, the instrument and fall towards -2/8 (0.9521).
In the M15 chart, the pair may break the upnside line of the VoltyChannel indicator and, as a result, continue trading upwards.
GBPUSD, “Great Britain Pound vs US Dollar”
In the H4 chart, GBPUSD is trading below the 200-day Moving Average to indicate a descending tendency. The Relative Strength Index is testing the descending trendline. In this case, the price is expected to test 5/8 (1.0986), break it, and then continue falling to reach the support at 4/8 (1.0742). Still, this scenario may no longer be valid if the price breaks the resistance 6/8 (1.1230) to the upside. After that, the instrument may grow towards 7/8 (1.1474).
As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.
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