Murrey Math Lines 20.11.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes on H4 and the RSI are in their respective overbought areas. In this situation, a test of +2/8 (1.0986) is expected, followed by a rebound from it and a price decline to the support level of 8/8 (1.0742). The scenario can be cancelled by rising above the resistance at +2/8 (1.0986), which could redraw the Murrey indication so that new price targets will be set.
On M15, the decline could additionally be supported by a breakout of the lower boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes on H4 and the RSI are in their respective overbought areas as well. In this situation, a test of +1/8 (1.2512) is expected, followed by a rebound from it and a price decline to the support level of 7/8 (1.2390). The scenario can be cancelled by rising above the +1/8 (1.2512) level. In this case, the price could rise to the resistance at +2/8 (1.2573).
On M15, the lower boundary of the VoltyChannel is too far from the current price, so the decline of the quotes could only be triggered by a rebound from +1/8 (1.2512) 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.