Murrey Math Lines 11.09.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are in the oversold area on H4. The RSI has broken the resistance line. In this situation, a breakout of 0/8 (1.0742) is to be expected, followed by a price rise to the resistance at 1/8 (1.0803). The scenario can be cancelled by a downward breakout of the support at -1/8 (1.0681). If this happens, the quotes could continue falling and drop to the -2/8 (1.0620) level.
On M15, the upper boundary of the VoltyChannel is broken, increasing the chances for a further price rise.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are below the 200-day Moving Average on H4, which implies the prevalence of a downtrend. The RSI is approaching the resistance line. In this situation, a test of 2/8 (1.2451) is expected, followed by a breakout and a price drop to the support at 1/8 (1.2329). The scenario can be cancelled by the price growing over the resistance at 3/8 (1.2573). In this case, the pair could rise to the 4/8 (1.2695) level.
On M15, a breakout of the upper boundary of the VoltyChannel could serve as an additional signal confirming the price rise.
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.
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