Murrey Math Lines 24.10.2022 (EURUSD, GBPUSD)

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EURUSD, “Euro vs US Dollar”

On H4, the quotes failed to rise over the 200-days Moving Average and for now remain under it. The RSI has bounced off the resistance level. A test of 0/8 (0.9765) is to be expected, followed by a breakaway and falling to the support level of -1/8 (0.9643). The scenario can be cancelled by rising above 1/8 (0.9887). This might lead to a trend reversal and growth to 2/8 (1.0009).

On M15, a breakaway of the lower border of VoltyChannel will increase the probability of the decline.

GBPUSD, “Great Britain Pound vs US Dollar”

On H4, the quotes have broken through the 200-days Moving Average and are now above it, inducating the possibility of an uptrend. The RSI have risen over the resistance level. We should expect a breakaway of 7/8 (1.1474) upwards and growth to the resistance level of 8/8 (1.1718). The scenario can be cancelled by a breakaway of the support level of 6/8 (1.1230) downwards. In this case, the decline will start again, and the quotes might drop to the support level of 5/8 (1.0986).

On M15, the upper border of the VoltyChannel is broken, which increases the probability of further growth

Article By RoboForex.com

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