Murrey Math Lines 25.09.2023 (EURUSD, GBPUSD)

EURUSD, "Euro vs US Dollar"

EURUSD quotes are below the 200-day Moving Average on H4, indicating a prevailing downtrend. The RSI is testing the resistance line. In this situation, the price is expected to break the 2/8 (1.0682) level downwards and fall to the support at 1/8 (1.0559). The scenario can be cancelled by breaking the resistance level at 3/8 (1.0681), which could drive the price to 4/8 (1.0742).

On M15, the lower boundary of the VoltyChannel is broken. This confirms a downtrend and a high probability of a further decline.

GBPUSD, "Great Britain Pound vs US Dollar"

GBPUSD quotes are below the 200-day Moving Average on H4, which indicates a prevailing downtrend. The RSI has reached the oversold area. In this situation, the quotes are expected to test the 4/8 (1.2207) level, rebound from it, and rise to the resistance at 6/8 (1.2451). The scenario can be cancelled by a downward breakout of 4/8 (1.2207). In this case, the pair will continue to decline, potentially dropping to the support level at 3/8 (1.2085).

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