Murrey Math Lines 23.01.2023 (EURUSD, GBPUSD)

EURUSD, “Euro vs US Dollar”

On H4, the quotes are in the overbought area. The RSI is also nearing the overbought area. As a result, a downward breakaway of +1/8 (1.0864) should be expected, from where the price might fall to the support level of 8/8 (1.0741). The scenario can be cancelled by rising over the resistance level of +2/8 (1.0986), which might lead to reshuffling of Murrey lines and setting new goals for the price.

On M15, an additional signal confirming the decline will be a breakaway of the lower border of VoltyChannel.

GBPUSDD

On H4, the quotes are above the 200-day Moving Average, which indicates an uptrend. However, the RSI demonstrates a divergence. This means that a bounce off 6/8 (1.2451) should be expected, followed by falling to the support level of 4/8 (1.2207). This movement will be interpreted as a correction of the uptrend. The scenario can be cancelled by an upward breakaway of 6/8 (1.2451), in which case the pair might continue growth and reach 7/8 (1.2573).

On M15, a breakaway of the lower border of VoltyChannel will increase the probability of falling.