Murrey Math Lines 26.09.2022 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
As we can see in the H4 chart, EURUSD is trading within the “oversold area”. The Relative Strength Index is below 30, confirming that the asset is oversold. In this case, the price is expected to break -1/8 and continue growing to reach the resistance at 1/8. Still, this scenario may no longer be valid if the price breaks the support at -2/8 to the downside. After that, the lines in the chart will be redrawn, thus helping us to define new downside targets.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue trading upwards.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see in the H4 chart, GBPUSD is also trading inside the “oversold area”. The Relative Strength Index is below 30, confirming that the asset is oversold. In this case, the price is expected to break -1/8 and continue growing to reach the resistance at 1/8. Still, this scenario may no longer be valid if the price breaks the support at -2/8 to the downside. After that, the lines in the chart will be redrawn, thus helping us to define new downside targets.
In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, may continue its growth to reach 1/8 from the H4 chart.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.