Murrey Math Lines 04.09.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes and the RSI on their H4 charts are approaching their respective oversold areas. In this situation, a test of 0/8 (1.0742) is expected, followed by a rebound from this level and a rise to the resistance at 2/8 (1.0864). The scenario can be cancelled by a downward breakout of the support at 0/8 (1.0742). in this case, the decline might continue, and the quotes could reach -1/8 (1.0681).
On M15, after the test of 0/8 (1.0742), the price rise could be additionally supported by a breakout of the upper boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are in the oversold area on H4. The RSI has rebounded from the support line. In this situation, a test of 0/8 (1.2695) is expected. In these circumstances, a test of 0/8 (1.2695) is expected, followed by a breakout of this level and a rise to the resistance at 1/8 (1.2817). The scenario can be cancelled by a downward breakout of -1/8 (1.2573). In this case, the pair could drop to the support at -2/8 (1.2451).
On M15, a breakout of the upper line of the VoltyChannel could increase the probability of a further price rise.
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