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.