Murrey Math Lines 28.11.2022 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
On H4, the quotes are above the 200-day Moving Average, which signifies an uptrend. The RSI is testing the support line. Currently, we should expect the quotes to rise over 5/8 (1.0376) and grow to the resistance level of 6/8 (1.0498). The scenario can be cancelled by a downward breakaway of the support level of 4/8 (1.0253). In this case, the pair may drop to 3/8 (1.0131).
On M15, the upper line of VoltyChannel is too far away from the current price, so growth can only be pointed on by a breakaway of 5/8 (1.0376) on H4.
GBPUSD, “Great Britain Pound vs US Dollar”
On H4, the quotes remain in the overbought area. The RSI has escaped the overbought area and continues declining. We should expect a downward breakaway of +1/8 (1.1962) and subsequent falling to the support level of 8/8 (1.1718). The scenario can be cancelled by rising over the resistance at +2/8 (1.2207), which will entail reshuffling of the Murrey grid, so that new goals will be set.
On M15, the lower line of VoltyChannel is broken away, which increases the probability of price falling to 8/8 (1.1718) on H4.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.