Murrey Math Lines 27.11.2023 (EURUSD, GBPUSD)
EURUSD, “Euro vs US Dollar”
EURUSD quotes are nearing the overbought area on H4. A divergence has formed on the RSI. A test of 8/8 (1.0986) is expected, followed by a rebound from this level and a decline to the support at 5/8 (1.0803). The scenario could be cancelled by rising above the resistance at 0/8 (1.0986). In this case, the pair might continue growing and reach the +1/8 (1.1047) level.
On M15, after a rebound from 8/8 (1.0986), the price decline could be supported by a breakout of the lower boundary of the VoltyChannel.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD quotes are nearing the overbought area on H4. The RSI is already in its overbought area. In this situation, a test of 8/8 (1.2695) is expected, followed by a rebound from this level and a decline to the support at 7/8 (1.2573). The scenario could be cancelled by rising above 8/8 (1.2695). In this case, the pair might reach the resistance at +1/8 (1.2814).
On M15, after a rebound from 8/8 (1.2695), a breakout of the lower VoltyChannel boundary could serve as an additional signal of a price decline.
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.