Murrey Math Lines 07.11.2023 (EURUSD, GBPUSD)

EURUSD, "Euro vs US Dollar"

EURUSD quotes rebounded from 8/8 on H4. The RSI has left the overbought area and broke the support line. In this situation, the quotes are expected to test the 6/8 (1.0681) level, break it and fall to the support at 4/8 (1.0620). The scenario can be cancelled by rising above the resistance at 7/8 (1.0711). In this case, the pair could resume growth, potentially reaching +1/8 (1.0772).

On M15, the lower line of the VoltyChannel is broken, which increases the probability of a further price decline.

GBPUSD, "Great Britain Pound vs US Dollar"

GBPUSD quotes have broken the 200-day Moving Average on H4 and are now below it, indicating a potential uptrend. The RSI is testing the support level. In this situation, the price is expected to rebound from the 6/8 (1.2329) level and rise to the resistance at 8/8 (1.2451). The scenario can be cancelled by a downward breakout of 6/8 (1.2329). In this case, the pair could decline to the support level at 5/8 (1.2268).

On M15, the price rise could be additionally supported by a breakout of the upper line of the VoltyChannel.