Murrey Math Lines 23.01.2023 (EURUSD, GBPUSD)

By RoboForex.com

EURUSD, “Euro vs US Dollar”

On H4, the quotes are in the overbought area. The RSI is also nearing the overbought area. As a result, a downward breakaway of +1/8 (1.0864) should be expected, from where the price might fall to the support level of 8/8 (1.0741). The scenario can be cancelled by rising over the resistance level of +2/8 (1.0986), which might lead to reshuffling of Murrey lines and setting new goals for the price.

On M15, an additional signal confirming the decline will be a breakaway of the lower border of VoltyChannel.

GBPUSDD

On H4, the quotes are above the 200-day Moving Average, which indicates an uptrend. However, the RSI demonstrates a divergence. This means that a bounce off 6/8 (1.2451) should be expected, followed by falling to the support level of 4/8 (1.2207). This movement will be interpreted as a correction of the uptrend. The scenario can be cancelled by an upward breakaway of 6/8 (1.2451), in which case the pair might continue growth and reach 7/8 (1.2573).

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

Article By RoboForex.com

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.